Regional governments gotten ARPA financial data recovery financing predicated on people and you may are working on exactly how to purchase that money. Brand new totals within the stories and you can image was prices. Latest number, when they end up being offered. may differ. Less than are a list of the major government COVID-19 recovery programs over the past 24 months, the objective and exactly what currency Colorado received.
Income Safeguards System (PPP): Under the CARES Act, the U.S. Small Business Administration rolled out a new lending program focused on helping small businesses keep workers on the payroll. It was the largest source of federal assistance extended during the pandemic, making 11.8 million loans worth nearly $800 billion.
PPP by yourself money accounted for almost a-quarter off government pandemic withdrawals in the Colorado. After an initial bullet when you look at the 2020, a second you to accompanied during the 2021 with put-asides to possess disadvantaged and incredibly small enterprises. Individuals who spent a lot of money into payroll expenditures could have money changed into provides. The common amount of work protected was 4 getting borrowers taking finance away from not as much as $150,100, when you are men and women providing higher wide variety conserved normally 47 efforts. At the time of Feb. 20, on 87% away from PPP financing got forgiven. Variations in PPP and other SBA borrowing from the bank apps is actually a switch reason specific counties performed a lot better than someone else for the getting federal fund.
Economic Burns off Crisis Money and Advances (EIDL): The SBA also provided advances and loans through its traditional emergency lending program, guaranteeing $361 billion in loans to 3.9 million borrowers nationally as of March 31, including $5.7 billion to 60,185 borrowers in Colorado. Businesses were also eligible to receive advances of up to $15,000 to meet immediate needs. The SBA named individual EIDL borrowers through following a court order but has not provided a full list.
For each Colorado county’s express of EIDL funds and you will improves from inside the 2020 was utilized so you’re able to full counts in the state. Unlike PPP money, EIDL funds commonly forgivable, but they bring a low interest and certainly will feel reduced over thirty years. Towards the February 15, the SBA granted individuals around 31 days from the time a great financing are issued to help you delayed repayments. EIDL finance and improves was indeed an important way to obtain providers funding, 2nd in order to the brand new PPP, and you will accounted for about 8.4% out of federal pandemic guidance expanded into the Colorado. The application form remains accessible to individuals.
Eatery Revitalization Financing (RRF): Under ARPA, Congress set aside $28.6 billion, administered through the SBA, to assist restaurants, bars, food trucks, caterers and other food service businesses recoup revenues lost during the pandemic. Amounts awarded ranged from as little as $1,000 to $10 million. Funds used for eligible expenses – such as payroll, rent, utilities, outdoor seating, etc. do not need to be repaid. The deadline for spending the money is . In Colorado, $481 payday loans online Louisiana million was awarded to more than 1,750 businesses. That represented 0.8% of all federal COVID-19 assistance in the state.
Shuttered Area Providers Grant (SVOG): The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act included $16 billion in grants to shuttered venues administered through the SBA’s Office of Disaster Assistance. Grants for up to 45% of lost revenues, topping out at $10 million, were provided to theaters, museums, concert venues, promoters, etc. As of March 14, there were 277 initial awards and 203 supplemental awards totaling $242 million in Colorado. Denver, Boulder, El Paso, Arapahoe and Larimer counties had the highest concentration of these awards.
Financial Impression Money (EIP): The U.S. Treasury Department provided three rounds of direct payments to individuals and families in the most direct form of federal assistance. The first round under the CARES Act in the spring of 2020 provided up to $1,400 per qualifying individual and $500 per child. The second under the COVID-related Tax Relief Act of 2020, enacted in late , authorized additional payments of up to $600 per eligible adult and qualifying child under age 17. The third round under ARPA provided payments of up to $1,400 per eligible individual and $1,400 per qualifying child, including adult dependents, in the spring of 2021.