Eligible businesses: restaurants, bars, bakeries, breweries, distilleries, and more
Funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location; minimum award is $1,000
Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023
Colorado Loans for Increasing Mainstreet Business and Economic Recovery (CLIMBER) is a statewide loan fund that will provide up to $250 million in working capital to Colorado small businesses through 2023
Small businesses with 5 to 99 employees that were financially stable before the pandemic but now need help to survive may apply for working capital loans between $30,000 and $500,000
Below-market interest rates and a 1-year deferred payment option make the program a secure recovery option for small businesses
Loans are intended to provide startup and working capital that will help create and retain jobs across Colorado businesses negatively impacted by the COVID-19 pandemic
Loans range from $5,000 to $750,000
The maximum interest rate is 10%, and the expected average interest rate of these loans is 4%
SBA has extended the PPP loan program through May 31, 2021
Loans can be used to help fund payroll costs, including benefits, pay for mortgage interest, rent, utilities, worker protections costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
Applicants must have no more than 300 employees, and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
For more information and to apply, visit the SBA website
Shuttered Venue Operators Grant
Applications open April 26 at 10 am MST
Eligible entities include: Live venue operators or promoters; theatrical producers; live performing arts organization operators; relevant museum operators, zoos and aquariums who meet specific criteria; motion picture theater operators; talent representatives
Award amounts: EITHER the lesser of an amount equal to 45% of their 2019 gross earned revenue or $10 Million, OR the lesser of the average monthly gross revenue for each full month you were in operation during 2019 multiplied by 6 OR $10 Million
For more information and to apply, visit the SBA website
Restaurant & Bar Special Sales Tax Deduction
Certain restaurants, bars, and mobile food vendors may be eligible for a special sales tax deduction, which was added by House Bill 20B-1004
The special deduction applies to payment due for the following tax periods: Nov 2020 (due Dec 21, 2021), Dec 2020 (due Jan 20, 2021), Jan 2021 (due Feb 22, 2021), Feb 2021 (due Mar 22, 2021)
