Paycheck Protection Program Extended

Update - 1/12/2021

Colorado Office of Economic Development and International Trade logo

Regional Partners Update

Federal PPP applications re-open today


With the new $284 billion Congressional appropriation for small business relief, the federal Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.


To promote widespread community access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP program will open to all participating lenders shortly thereafter.


Eligible lenders of the first two draws of PPP loans are one of four types:

  • Community Financial Development Institution (CDFI)
  • Minority Depository Institution (MDI)
  • Community Development Corporation (CDC)
  • Microlender Intermediary

Review this list of participating Colorado Community Development Financial Institutions.


In the new rounds of PPP, businesses that use an agent to file their PPP applications will be responsible for covering the corresponding expense for their service. In the 2020 PPP allocations, the lender paid that fee; however, businesses are now responsible for the fee and cannot use PPP funds to reimburse themselves. For PPP applicants that have previously received PPP loans, the financial institution which processed last year’s loan is your best place for you to begin new inquiries.


In preparation, this Prepare for the PPP document outlines the key elements needed to prepare for your PPP application.


Finally, to help guide you through the process, the following links provide detailed information for each corresponding element of the federal stimulus:


Open programs and funding opportunities


Tech Venture Accelerator for Women: This 10-part virtual cohort series helps female entrepreneurs in emerging companies in Colorado’s advanced industries to overcome hurdles in order to accelerate growth and development. The format, topics and tangible assistance the program offers was developed from success working with early- and second-stage science and technology ventures for more than 10 years. Applications are due on January 14.


Global Trade Activator Program: This four- to six-month training program helps small business entrepreneurs develop and implement their global trading strategy. You will learn how to export your products to new markets and/or source international products to more competitively sell in the United States. Applications are due on January 18.


Employee Ownership Trial Grant: This $3,000 grant is available to Colorado-headquartered small businesses to pay for the reimbursement of professional technical services required to transition your business to become a Colorado Employee Owned Company. Eligible employee ownership structures include any model offering an employee ownership stake to at least 20% of your employees. Applications are due on February 26.


Proof of Concept GrantThis grant provides funding to help Colorado research institutions speed up applied research in advanced industries and commercialize products and services with the private sector. The grant funds pre-commercial research and commercialization preparation. Projects can receive up to $150,000. Applications for the grants are due on March 1, 2021.


Early-Stage Capital and Retention Grant: This grant helps Colorado-based advanced industries technology businesses develop and commercialize advanced technologies that will be created or manufactured in Colorado. Projects can receive up to $250,000. Applications are due on March 1, 2021.


Advanced Industries Investment Tax Credit: This tax credit encourages investments in Colorado advanced industries businesses by providing tax credits to investors. Investors can earn a state income tax credit for 25% of their investment up to $50,000 in credits on an investment of $200,000 or more. Funding was renewed on January 1, 2021 and we will accept applications until funds are gone.






Colorado Office of Economic Development, 1600 Broadway, Suite 2500, Denver, Colorado 80202, (303) 892-3840 

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Paycheck Protection Program Application Deadline Extended

The application deadline for the SBA’s forgivable small business loans known as the Paycheck Protection Program (PPP) has been extended until August 8, 2020. Applications reopened today (July 6) for eligible small businesses, nonprofits and independent workers negatively impacted by pandemic-related economic disruption.

To apply, follow these steps:

Verify your business’s eligibility.

Review the application (provided by your lender) and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.

Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here. We have also compiled a list of Colorado SBA approved lenders. If you are struggling to find a lender, please contact our hotline at (303) 860-5881.

Guidance on applying for PPP funds

How to Calculate Loan Amounts by Business Type

Prepare, Apply, Comply Guide

EIDL vs. PPP Questions and Answers

SBA Coronavirus Pandemic Loans Comparison Guide

AICPA Resources around PPP for CPAs

Support on calculating forgiveness

How to calculate PPP loan eligible for forgiveness

PPP Loan Forgiveness Tools: Consult your accountant, tax preparer, and/or lender for advice. These tools are for general planning purposes, does not constitute legal, financial, or tax advice and is not an official document

AICPA’s Estimator Tool: this tool is regularly updated as new guidance is made available by SBA and Treasury

OEDIT’s Estimator Tool (XLS)

Use the following applications to apply for loan forgiveness:

PPP Loan Forgiveness Application EZ – Form 3508EZ (Instructions)

PPP Loan Forgiveness Application – Form 3508 (Instructions)

Latest guidance released last week says that PPP recipients can apply for loan forgiveness early but that doing so could cost them money. Learn more.

’Digging into Business Insurance and Commercial General Liability Issues’ Webinar

In this week’s Startup Colorado webinar, learn the ins and outs of business insurance during COVID-19 from some of Colorado’s top attorneys. The webinar will highlight business interruption and commercial general liability issues.

The webinar will also discuss the Main Street Phoenix Project, which was built to assist employees in securing joint ownership. Transitioning to an employee-owned structure may help re-open small businesses that may otherwise remain closed after the COVID-19 crisis.

Find the call time below that works for you.

East Colorado

Time: 3pm

Host: Ogallala Commons and Northeast SBDC

Zoom video and audio link

Phone Number: 346-248-7799

Webinar ID: 923-2729-5078

West Colorado

Time: 1pm

Host: Telluride Foundation and Northwest SBDC

Zoom video and audio link

Phone Number: 346-248-7799

Webinar ID: 967-9122-4178

Thank you for signing up for COVID-19 email updates from the Colorado Office of Economic Development and International Trade. We expect to email you whenever we have news to share, which could be daily or weekly depending on the situation.

Please be sure to visit OEDIT’s COVID-19 Business Resource Center, as that webpage has the most recent news and resources.

Colorado Office of Economic Development & International Trade

1600 Broadway Suite 2500 Denver, Colorado 80202 | COVID-19 Hotline: (303) 860-5881