Helping Colorado Owners with Business Preparedness During COVID-19 Crisis
The current Covid-19 response and its effects on the economy will no doubt be challenging to everyone. None more than small business and their employees, but we have been here before. Just as we weathered 9/11, hurricanes, and severe economic downturns we can work together to survive this.
The good news is that this will be temporary. Although it may be very trying, the economy should rebound rather quickly once activities normalize. Realizing this could take several weeks to several months, the best bet is to implement a strategy TODAY!
Our Transworld Business Advisors team is working hard to ensure businesses have access to a range of resources to help them navigate this challenging time. Below you will find information on services to assist Colorado business owners with disaster loan applications, long-term planning, and general business preparedness through the COVID-19 business crisis. Transworld will work hard to keep this page up to date with real information as new programs and information becomes available for Colorado business owners and the evolving business environment.
Denver Implements Additional Business Tax Relief Efforts
The Governor’s executive order provides flexibility for business personal property tax reporting. Denvergov.org has the full details in their April 9th, 2020 Press Release.
– These loans are available directly through the SBA, not your bank.
– Your business has to provide proof of economic impact from COVID crisis.
– All loans require personal guarantees for any owner with more than 20% equity.
– Loans over $350,000 will require personal collateral.
– Rates are 3.75%.
– Loan terms are 30 years.
– There is no pre-payment penalty.
– Here is a how-to guide because its not exactly easy.
– For Denver based businesses. – Must be unable to pay rent or payroll or have closed because of COVID. – Maximum $7,500.
Small Payroll Loans for Rural Businesses
- $10,000 loans
- 3.75% fixed interest rate
- Two year terms
- Payments deferred for six months
- Must be located in a rural community
Once you have completed the application, please email to firstname.lastname@example.org
So far we have heard that Chase Bank is offering payment relief on business loans for up to 90 days.
Business Survival Guide
Many business owners have never had to manage an evolving economic environment like we’re experiencing now. Download Survival Guide to learn about how you can position your business to maximize its health during times a big change.
Legislation Affecting Small Businesses
HR 6201 – Families First Coronavirus Response Act (PASSED). This bill guarantees free coronavirus testing and grants 14 days of paid sick leave for people affected by the coronavirus for all full-time employees at companies with fewer than 500 employees. Companies of less than 50 employees will be reimbursed for providing the 14 days of leave, although how and when is unclear.
S 3548 CARES Act (In Senate Debate). (IN DEBATE) This bill has rolled a number of COVID-19 relief plans together including Marco Rubio’s $300 Billion Small Business Relief plan and the $1,200 individual payment for families with less than $150,000 annual income. However, there seems to be more politics at play with this one as it keeps getting held up. If you would like to contact your Senator and express your support, click here to find their phone number (calling their DC office and leaving a message usually works best).
Upcoming Webinars for Business Owners
Fireside Chat: Heidi Ganahl, Founder Camp Bow Wow. In this webinar, our President and CEO Jessica Fialkovich leads a fireside chat with award-winning entrepreneur, Heidi Ganahl. Heidi founded Camp Bow Wow, the world’s largest franchise pet brand. She talks to us about what she did to not just survive the economic downturn of 2008 but also thrive afterward. Heidi is a huge supporter of small business and she will offer us tactical advice and ideas of how we can prepare and maximize our businesses during times of uncertainty as well as advocate for ourselves and our employees during this uncertain time.
Friday, March 27th, 8 AM MST
How to Take Advantage of New Financing Options (Including SBA)
As a business owner or potential buyer of a business, how do you use the new loans and grants available through the city, state, and federal government in order to support or finance your business.
In this webinar, we cover the available financing options including:
– SBA Disaster Loans
– SBA standard 7(a) and 504 loan programs
– Available city, state and federal grants amidst the COVID crisis
This webinar is appropriate for individuals that currently own a business that are either in crisis or looking to grow, as well as individuals looking to acquire a business in the next six months.
REGISTER FOR WEBINAR
Wednesday, April 1st, 8 AM MST
REGISTER FOR APRIL 1ST, 2020 WEBINAR
To learn more about the asset class most suited to your commercial real estate requirements in Colorado, we invite you to speak with a commercial agent today.