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SBA Paycheck Protection Program (PPP)

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SBA Paycheck Protection Program (PPP) | Colorado Enterprise Fund

IMPORTANT UPDATE ABOUT OUR PPP LOAN & FORGIVENESS APPLICATIONS:

PPP Loans: Please note that the Paycheck Protection Program officially closed to new applicants on May 28th, 2021.

PPP Forgiveness: As of Monday, May 17th, our forgiveness application has reopened for those who have a PPP loan THROUGH CEF. Please note the following: 
  • In order to apply for forgiveness for a 2nd draw loan, forgiveness for your 1st draw loan MUST have been submitted to the SBA by the 1st draw lender.
  • Forgiveness applications submitted to us for both 1st- and 2nd-draw loans are only for CEF PPP loan recipients. Ie, if your PPP loan was processed by another institution, we cannot accept your forgiveness application. 
  • If you received a PPP loan through a different lending institution, please refer to them to understand their forgiveness processes and submit an application.

Click Here to Request Your PPP Forgiveness Application

 

2021 PPP Loan Program and Application FAQs

PPP Overview

The Paycheck Protection Program (PPP), authorized under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Need more information about the CARES Act and the PPP? View our CARES Act & PPP Summary via the link below.

 

CARES Act and PPP Summary

 

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

  • Loan payments will be deferred for six months
  • No collateral or personal guarantees are required
  • Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. If full-time headcount declines, or if salaries and wages decrease, forgiveness will be reduced.

All Small Businesses Eligible

Small businesses (including nonprofits) with 500 or fewer employees are eligible. Businesses with more than 500 employees are eligible in certain industries.

Thanks to Our Lending Partners Who Helped Make This Possible

 

"Once again, CEF has come to the rescue. Because of their swift action and personally helping us navigate the complex government requirements [for the PPP], we now have the funds to re-open in 30 days with all nine employees still on board."

Diana Gadison | Executive Director | Early Success Academy