In an effort to provide you the most up-to-date information, the City of Fort Collins Economic Health Office will be sending out a weekly update every Friday.

Fort Collins Small Business Relief and Recovery Loan Fund Ready to Take Applications

A portion of the Fort Collins Small Business Relief and Recovery Fund is now open to small businesses in Fort Collins impacted by COVID-19. We have partnered with Colorado Lending Source to commit $110,000 to this effort. We are working to expand this program and will share regular updates when new loan tranches and other types of financial support become available via our nonprofit community lending partners.

Loan details of the Colorado Lending Source program are as follows:

• Two-year loans for working capital, six-month at 0% interest and deferral of all principal and interest payments, and 2% interest and principal payments for months 7-24
• Loan amount up to $10,000
• Designated for new loans only

Solopreneurs, Self-Employed or Independent Contractor Unemployment Application Opens April 20, 2020

The CARES Act (Coronoavirus Aid, Relief, and Economic Security Act) opened up Unemployment Insurance (UI) to self-employed and independent contract workers, but the details of implementation have taken a little time to roll out. Self-employed and gig workers will need to provide either a 2018 or 2019 tax return as part of the application. Additionally, claimants do not need to take additional action to receive the additional $600 weekly benefit amount. The Colorado Department of Labor and Employment (CDLE) has been working to get the existing UI infrastructure in place to begin taking unemployment benefit applications under the CARES Act on April 20, 2020. Additionally, CDLE will be hosting town hall on Monday, April 20, 2020 at 9:30AM to answer your unemployment insurance questions. Sign up for the virtual town hall here.

Larimer County Assessor Extends Business Personal Property Declaration Filing Deadline

The Larimer County Assessor's Office is extending the deadline to file 2020 business personal property declaration to June 15, 2020. Business personal property includes machinery, furniture, equipment, office equipment and other items that are used by a business to operate that business and produce income. Business owners who own less than $7,700 in total actual value of business personal property are exempt. Find more information here.

How to Prepare for a Future Stimulus

As of April 16, 2020, all current Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funding made available under the CARES Act have been exhausted. The SBA and U.S. Treasury are asking Congress to make additional funding available, as demand remains high. As businesses wait to see if more Federal funding will be available, businesses can do the following to prepare:

• Set up a bank account, if you do not already have one, this will be necessary to receive relief funds.
• Prepare your paperwork (payroll calculation, health care, etc.).
• Create a plan for the use of funds over the 8-week period.
• Create a plan for complying with the rules of the program to guarantee that the loan amounts will be forgivable, if it is forgivable.
• Reach out to your accountant and banker for guidance and support.
• If you have already submitted with your bank (for PPP), check in to make sure all paperwork is correct and in place.
• If you have not submitted, but plan to, research banks and paperwork requirements to ensure that you are working within your bank requirements.
• Stay updated at nocorecovers.com

Sign up for daily updates from the City of Fort Collins Emergency Preparedness and Security COVID-19 newsletter at fcgov.com/eps/coronavirus

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Economic Health Office

222 Laporte Ave.

Fort Collins, CO 80521