COVID-19: CBSA Business Resource Guide
By: Colorado BioScience Association Date: 03/09/2020
Last updated: March 25, 2020
Urgent: CBSA is working with policymakers and business leaders to support our ecosystem during the COVID-19 pandemic and offer our community’s expertise. The Governor’s team is asking for immediate support, as is Children’s Hospital. Find current opportunities here.
Colorado BioScience Association continues to monitor developments in the COVID-19 outbreak. This business resource guide is designed to provide information relevant to CBSA members and our life sciences ecosystem. We will continue to update this post as information becomes available.
Featured Programs and Resources
Paycheck Protection Progam
The Paycheck Protection Program, created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency.
- Open to: Small businesses (generally less than 500 employees), 501(c)(3)s, self-employed, sole proprietors, and independent contractors
- Loans equal to lesser of 2.5 months of average payroll or $10 million
- Loans by local and national lenders
- Minimal requirements (ie. no collateral, no personal guarantee)
- Loans convert to grants equal to amount spent on payroll, rent, mortgage interest, and utilities for the 8 weeks after origination
- Loan forgiveness is reduced proportionally if employer reduces number of FTEs
- Loan forgiveness is reduced if employer reduces wages by more than 25%
- Employer can avoid reduction in forgiveness if they bring back employees and restore wages generally within 30 days and maintain through June 30
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020.
Check out this Small Business Guide & Checklist prepared by the U.S. Chamber of Commerce.
SBA Disaster Loans for Small Businesses
Colorado small businesses can now apply for low-interest federal disaster loans through the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. Eligible companies can receive loans up to $2 million, with interest rates no higher than 3.75%.
You can find more information about the SBA Disaster Lending Program, including eligibility and application information here.
You can find great resources for Colorado businesses on the Colorado Office of Economic Development and International Trade (OEDIT) website here.
SBA Express Bridge Loan
This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork and a faster timeline.
Regional Funding Opportunities
We continue to add more funding opportunities specific to your region as cities create their own support programs.
Denver Relief Package: The city created an initial relief fund of $4 million to support small businesses during this time. You can find more information about the program here. You can start the application process by completing a screening questionnaire here.
Telluride Regional Loan Fund: This fund is designed to work with entrepreneurs to obtain financing through low-interest loans.
Region 10 Small Business Impact Loans: These loans provide up to $10,000 for small businesses at a reduced interest rate of 4%.
Additional Funding Opportunities
KIVA 0% Interest Loans: KIVA, a nonprofit organization, provides 0% interest loans to small businesses worldwide. They are expanding eligibility and the amount of loans provided during this crisis.
Facebook Small Business Grants: Facebook announced a $100 million program to help small businesses as governments throughout the country urge gyms and restaurants to close their doors to slow the coronavirus pandemic.
El Pomar Assistance Fund: El Pomar Foundation announced the establishment of the Colorado Assistance Fund, a $1 million fund offering immediate aid to nonprofit organizations supporting Colorado communities, organizations and individuals affected by the recent outbreak of COVID-19.
The Work-Share Program gives you an alternative to laying off your employees. It allows you to let your employees keep working, but with fewer hours. While they are working fewer hours, CDLE pays them part of their regular unemployment benefits.
You figure out how many hours you can continue to pay. Your employees share those hours as part of the work-share plan. All your employees can be in the Work-Share Program, or employees from a certain unit can be in the Program. It depends on your needs for your employees.
Talk to your local workforce development center. They can guide you through the process.
Your local workforce development center offers workforce services related to restructuring and/or downsizing your business. Services include but are not limited to, consultation on layoff aversion strategies, onsite workshops for employees in transition, job placement assistance, and information on unemployment benefits.
Emergency Paid Sick Leave and Emergency Family and Medical Leave Expansion
On March 18, the President signed into law the Families First Coronavirus Response Act. The bill includes important changes related to emergency paid sick leave and emergency family and medical leave expansion. Learn more about the new requirements for certain employers and the tax credits that are available here.
Colorado Department of Labor and Employment Unemployment Insurance
If you work for an employer that closed or reduced your hours to help stop the spread of COVID-19, you can file or reopen an unemployment claim through the Colorado Department of Labor and Employment.
Review CDLE’s comprehensive FAQ document to get answers to the most common questions and issues when filing for unemployment.
Help Colorado Now
Coloradans can donate or volunteer, as well as the Colorado COVID Relief Fund, which has already raised nearly $3 million to help Coloradans impacted by the coronavirus. Coloradans can donate or sign up to volunteer at helpcoloradonow.org.
The Small Business Navigator Hotline
This hotline is available Monday through Friday from 8:00 a.m. to 5:00 p.m. You can also email the Small Business Navigator team.
Hotline: (303) 860-5881 Email: firstname.lastname@example.org
Free Small Business Consultations on COVID-19
Talk with trained consultants across the state to understand your COVID-19 resources and how to apply them to your small business. Find and contact your local Small Business Development Center here.
Stay-at-Home Orders and Workforce Reduction Directives
Stay at Home Order for the State of Colorado
Governor’s In-Person Workforce Reduction Directive
In addition to the Governor’s statewide stay-at-home order, the following counties have issued their own orders:
- Archuleta County
- City and County of Denver
- City and County of Broomfield
- City of Boulder
- Denver County
- La Plata County
- Larimer County
- Pitkin County
- San Miguel County
Several counties including Boulder, Jefferson, Adams, Arapahoe, and Douglas issued Public Health Orders yesterday, but have since rescinded those local orders and formally adopted the statewide directive.
Supply Chain Resources
FDA’s Monitoring of Supply Chain Shortages
The U.S. FDA is monitoring the drug and device supply chains and communicating with manufacturers related to the possibility of shortages of drugs, devices, API, and related equipment and supplies.
Manufacturers of all prescription drugs are required to notify the FDA of a permanent discontinuance or temporary interruption in manufacturing that is likely to lead to a meaningful disruption in the drug’s supply chain. Drug shortages or supply issues should be reported to the FDA through the CDER Direct NextGen Portal.
While medical device manufacturers are not legally required to notify the FDA about a potential shortage, the FDA has taken proactive steps to establish and remain in contact with medical device manufacturers and others in the supply chain, including hospitals and group purchasing organizations. Device manufacturers and healthcare facilities should report any supply disruptions to the device shortages mailbox, email@example.com.
Additional information on reporting shortages or supply issues is available from the FDA.
Healthcare Ready is an independent non-profit that serves as a convener of public and private sector partners to strengthen healthcare systems before, during, and after disasters. Healthcare Ready is gathering information from organizations, including information on the current demands of pharmaceuticals and personal protective equipment (PPE). To respond to their survey on supply chain issues, click here.
Healthcare Ready is also tracking issues related to workforce, business continuity, and transportation and trade restrictions for potential impacts on the supply chain and is working with federal government partners to determine what guidance or practices will be used, if any, to allow distributors to continue to move product.
For questions or to request the assistance of the Healthcare Ready Support Team, contact Alerts@HealthcareReady.Org or 866-247-2694.
Leading the COVID-19 Response in Colorado
The Denver Post Updates on COVID-19 and Colorado (3/10/2020)
National Life Sciences Companies Respond to COVID-19
- CDC Guidelines
- WHO Guidelines
- FDA Updates on COVID-19
- BIO Business Resource Center
- COVID-19 Information: Key resources and frequent updates for the Johns Hopkins University community
Contact Us + CBSA Communications
If you are a Colorado life sciences company or organization working on COVID-19 or encountering supply chain issues due to COVID-19, please contact CBSA President & CEO Jennifer Jones Paton.
To receive communications around COVID-19 and other CBSA news, subscribe to our newsletter.
Contact us at firstname.lastname@example.org with any questions or concerns.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the Colorado BioScience Association and its members do not recommend or endorse the contents of the third-party sites.