The deadline to apply for an EIDL application is December 31, 2020. Apply now.

The SBA’s Economic Injury Disaster Loan (EIDL) Program provides small businesses and non-profits with low-interest loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.

This loan may be used to:

• keep employees on payroll
• pay for sick leave
• meet increased production costs due to supply chain disruptions
• pay business obligations, including debts, rent and mortgage payments

Eligibility

Eligible entities include small businesses, non-profits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors.

How to apply

Businesses and nonprofits can apply now through SBA’s online application portal. After submitting that application, you will then continue with the more detailed EIDL application.

1. Verify eligibility through SBA’s online portal.
2. Gather necessary materials such as your business’s most recent tax return, owner’s/GP’s personal financial statement, and schedule of liabilities.
3. Apply through SBA.
4. If you have an application number from when you submitted, you are in the SBA system under review. Your application is still being processed by SBA if you have not heard not back.

The US Small Business Administration made a frequently asked questions PDF about this program. This document outlines the difference between EIDL and the Paycheck Protection Program as well as application and repayment questions.

The Colorado Loans to Increase Mainstreet Business Economy Recovery (CLIMBER) Fund will provide loans to small businesses with up to 99 employees. The fund consists of $250 million. The fund aims to launch at the end of 2020 or early 2021.

More program information will be available on State Treasurer, OEDIT, and CHFA web sites as the launch date nears. Sign up for our COVID-19 email updates.

The Alternative Sources of Funding Google sheet helps Colorado’s small businesses find alternative funding sources beyond EIDL, PPP, and other federal loans and programs. OEDIT will be updating this sheet regularly and are aware that resources can change on a day-to-day basis. If you come across any resources that are no longer active, please email us.

This Google sheet is ‘live’, so you may see changes as we make real-time updates.

We also have compiled a comprehensive list of Nonprofit Lenders in Colorado.