Now we know. Denver breakfast chain Snooze made it through the first year of COVID-19 thanks to a $10 million Paycheck Protection Program loan. Snooze’s loan was forgiven on June 11, according to data provided by the U.S. Small Business Administration. Same with Intrepid Potash, a Denver fertilizer manufacturer that said it received full forgiveness […]
Colorado Enterprise Fund
Posted inBusiness, Economy, News
What’s Working: Gig companies want workers back and are paying bonuses in Colorado
To rev up its workforce, Uber pledged this week to spend $250 million to boost incomes of drivers nationwide. While details on how this would roll out were slim, an Uber spokeswoman shared what it means for Denver drivers: $30.56 an hour. That’s the median hourly rate — not including tips! — for drivers who […]
Posted inBusiness, Economy, News
Colorado’s smallest small businesses can now get larger federal coronavirus loans
Samantha Wranosky thought she was all set. As the owner of Samantha B Design in Fort Collins, the graphic designer applied, was approved for and received her first Paycheck Protection Program loan on Feb. 9. She skipped the opportunity last year because she didn’t think she’d qualify for the federal relief loans, which were very […]
Posted inBusiness, Economy, News
Updated federal coronavirus loan program offers more relief, but not all Colorado businesses are eligible
Frisco restaurateur Bob Starekow got some devastating news last week. His federal Paycheck Protection Program loan came with unexpected strings. “My accountant informed me that due to the ‘income’ of the forgiveness portion of the PPP loan, I will owe $45,000 in taxes on phantom income,” Starekow, owner of Silverheels Bar & Grill and Kemosabe […]
Posted inBusiness, COVID, News
New form isn’t the “blanket forgiveness” some Colorado businesses hoped for in federal paycheck loan program
Months after the federal Paycheck Protection Program stopped taking applications for forgivable small business loans, banks and lenders are still unclear on how to forgive them. The new simpler form, released Friday, is supposed to make it less complicated for those who borrowed up to $50,000. But it isn’t as simple as some had hoped, […]
Posted inBusiness, News
What’s Working: “Lost wages” gets a new deadline, overpayment forgiveness, small business updates and more
Remember M. Hurley, who started a petition last month to bring attention to the plight of jobless Coloradans suddenly facing a massive bill from the unemployment office? The M was Meggan, and I spoke to her the day after President Donald Trump told officials to stop negotiating a new relief plan until after the election […]
Posted inBusiness, COVID, News
A mission-minded loan source that doesn’t care if you’re a startup with no experience, revenues or credit
When Valerie and Cesar Beltran decided to open Beltran’s Meat Market & Grill in Northglenn four years ago, they thought their past experience of running their own meat market in New Mexico and then a Front Range tortilla factory was enough to make them creditworthy. But as opening day approached, the couple realized they needed […]
Posted inBusiness, COVID, News
With days left to apply for a Paycheck loan, there’s still more than $126 billion available to small businesses
With four days left to apply, there’s still $126 billion available to small businesses that could benefit from a forgivable loan, or at least a low-interest one, to recover from the havoc of shutdowns during the coronavirus pandemic. But are there any more businesses that want one? It’s been crickets at many Colorado banks and […]
Posted inBusiness, COVID, News
Paycheck Protection loans still available to Colorado small businesses as changes make them more tolerable
Changes to the federal forgivable loan program could start as soon as Friday and are expected to reinvigorate a $659 billion coronavirus relief program that stalled after small businesses worried whether the loans would really be forgiven. The new Paycheck Protection Plan amendment, signed Friday by President Donald Trump, extends the loan period to 24 […]