Priority Window For Forgivable PPP Loans Opens Wednesday February 24
DENVER – Colorado’s small businesses with fewer than 20 employees will receive a fourteen-day priority access window to apply for federal Paycheck Protection Program loans beginning February 24, 2021. Sanctioned under the Congressionally approved Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act in December, the current pool of PPP loans is reserved for small businesses whose revenues are still experiencing a 25% decrease from pre-pandemic levels.
“98 percent of Colorado’s businesses are small businesses and, statistically, 89 percent of all small businesses have fewer than 20 employees,” said OEDIT Executive Director Betsy Markey. “This priority window is a tremendous opportunity for our Colorado small businesses and entities such as contractors, beauticians and independent retailers who file individually to gain priority access to the Payroll Paycheck Program loans they need.”
Colorado accounts for approximately two percent of all domestic small businesses and received 2.1% of the total number of PPP loans in last year’s initial round of relief for a total contribution of $10,402,528,373 to Colorado’s economy. So far this year, Colorado small businesses have received more than $2.8B of round three PPP loans.
Paycheck Protection Program loans can be converted into grants if eligible recipients use the funds to pay its workers as the program outlines. The priority access window closes March 9, 2021.
OEDIT’s Small Business Development Centers and Minority Business Office are available to assist with accessing these funds. Both offer free technical assistance and 1:1 consulting to help answer questions and provide needed support.
For more information, visit the OEDIT PPP webpage.