With the business environment rapidly changing due to the COVID-19 pandemic, we want to keep you informed of what we are hearing and seeing at Essex. The Denver Metro Commercial Association of Realtors (DMCAR) identified three relief programs that were established by either the CARES Act passed on Friday March 27th or by the City of Denver that small businesses can potentially utilize to help weather these difficult economic times. Below is a summary of each program and links to other helpful resources.  

Paycheck Protection Program (PPP)

Loans That Will Cover Your Rent & Payroll and Can Be Forgiven In Time

The program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels. Learn more. 

> Apply For PPP At Any Lending Institution (See page 28)

SBA Economic Injury Disaster Grant (EIDL)

$10,000 Emergency Advance

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

> Apply Here For $10,000 Federal Grant

Denver Economic Development & Opportunity Emergency Relief

$7,500 Grant

Denver Economic Development and Opportunity (DEDO) has established an emergency relief fund to provide cash grants up to $7,500 to qualifying small businesses. The highest priority will be the industries most impacted by the coronavirus pandemic, such as the food industry. These businesses may have had to temporarily close, are struggling with paying their rent and utilities, or have had to lay off staff. Learn more.

> Apply Here For $7,500 Denver Grant

Other Resources Recommended by DMCAR:

NAR Summary of Federal CARES Act Relief Provisions For Brokers & Consumers; Includes Multifamily Forbearance, Eviction Moratorium & Net Operating Loss Rollbacks

Colorado Banks Ready For SBA Lending; Page 28 Shows List By Town

U.S. Chamber Of Commerce Summary of PPP and EIDL

Questions About Force Majeure Clauses

Questions About Business Interruption Insurance

Small Business Owner's Guide

ICSC Federal CARES Act Summary

Denver Metro Chamber All Things COVID and Relief Page