EIDL Loan and EIDL Advance
Many businesses that have initiated an Economic Injury Disaster Loan (EIDL) and EIDL Advance application are uncertain of their status and/or have received emails that leave their loan status in doubt.
The Colorado Office of Economic Development and International Trade (OEDIT) has received this feedback from Colorado applicants and has worked with the Small Business Administration (SBA) to share these concerns. The SBA is actively working to resolve the intake process challenges; however, the corrected process has inadvertently created duplicate applications in some cases and those duplicates may need to be reactivated in order to be processed. Doing so will not alter the place in line that your initial application secured but it is necessary to continue processing your application.
Businesses with an application number in the 200’s series will need to reactivate their application in the SBA portal. To reactivate your loan, use this link: https://covid19relief.sba.gov/#/. The site may state that EIDL applications are only open to new agricultural businesses, but OEDIT has confirmed that if someone has a 200 series EIDL loan number, they WILL be able to reactivate and have their new loan number tied to their original loan number to maintain their place in line.
Businesses with an application number in the 300’s series DO NOT NEED to reactivate their application as it is currently in the review process. EIDL Advances are automatically deposited into businesses accounts once they have been processed.
If you have not yet previously applied, only agricultural businesses can apply through the SBA portal at this time.
Multiple PPP applications?
If your business has multiple Paycheck Protection Program applications underway and your application is locked by a lender, please email the Colorado District Office for assistance with the following information:
Subject line: PPP Duplicate
Information to include:
• Business name with contact name, address, and phone number
• EIN of the business
• If you have applied with a social security number, state that you have but do not include the number. They will call by phone to collect that.
• Make a statement that the business gives SBA your permission to look into their system to assist in identifying the bank that has the application locked.
Once you know which lender has the application locked, you will need to reach out to that lender to have them unlock the application. Your other lender will then be able to move forward with your other application.
Employees refusing to go back to work?
If you are prepared to bring your workers back and have offered an individual work that was then turned down, please report that to the Colorado Department of Labor and Employment (CDLE).
CDLE’s Employer page provides other valuable information for business owners and managers including:
• Returning to Work Guidance
• Layoff Assistance
• Layoff Alternatives
• Employee Retention Tax Credit
Independent contractor or W-2 employee confused about unemployment?
Independent Contractor and W-2 Employee Webinar
May 6, 2020 at 11:00 a.m.
If you’re an independent contractor or W-2 employee, please consider attending this webinar about unemployment. Jeff Fitzgerald, Director of Unemployment Insurance at the Colorado Department of Labor and Employment will be doing a Q&A, so have your questions ready!