COVID19 BUSINESS RECOVERY | Veracity Space

7/13/2020 JOURNAL OF ACCOUNTANCY ARTICLE OF NOTE -

SBA closes EIDL Advance program after granting $20 billion

SBA will continue to accept applications for the Economic Disaster Injury Loan Program, but will no longer offer the Advance.

IMPORTANT NOTICE!

For gig workers, independent contractors and self employed

CARES Act Unemployment Benefit Applications Open Today

4/17/20. The Colorado Department of Labor and Employment (CDLE) will begin taking unemployment benefit applications under the CARES Act, paying the additional $600 per week in unemployment benefits and launch other new points of access for unemployed workers to obtain information.

This includes gig workers, independent contractors, self employed and those who are out of work because of a number of reasons directly related to COVID-19 including caring for a child whose school is closed or someone who tested positive for COVID-19. Self-employed and gig workers will need to provide their 2018 or 2019 tax return with their applications.

Link to Announcement Here!

Northwest Colorado SBDC Update; How to Prepare for Future Stimulus

As Colorado awaits the anticipated second round of federal funding to reopen applications for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), we recommend you continue preparing to submit an application. Consider these steps:

If your PPP loan was already in the queue at a bank, check in with your lender to ensure all paperwork is correct and in place.
If your EIDL application was already submitted, check the status of your application by contacting SBA at 1-800-659-2955 or disastercustomerservice@sba.gov.
If you have not started working with a bank yet, research available lenders to identify your potential provider. Find an eligible lender.
Self-employed, sole proprietors, independent contractors should confirm that their bank is working with their business structure.
Set up a bank account if you do not have one. This will be necessary to receive relief funds.
Prepare your paperwork, including average monthly payroll calculation (inclusive of eligible health care and retirement contributions).
Create a plan for the use of funds over the 8-week period.
Ensure that the 8-week disbursement plan complies with approved program expenditures to maximize your loan forgiveness.
Reach out to your accountant for guidance and support to resolve any lingering questions that could delay your loan application when the lending windows open with additional Congressional appropriations.