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 […]
Vectra Bank
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, 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, Politics and Government
Federal coronavirus loans slow as Colorado businesses wonder if they’ll actually be forgiven
The $49,000 small business loan was Linda Jones’ for the taking. But ultimately, the owner of Area Rent-Alls in Westminster abandoned the loan, which could have been forgiven if it was primarily used to pay employees. It certainly would have offset lost revenue as office and construction equipment rentals slowed during the coronavirus stay-at-home measures. […]
Posted inBusiness, COVID, News
$5.8 billion in potentially forgivable federal loans approved for Colorado small businesses in first 11 days
Colorado’s small businesses and nonprofits have been approved for $5.8 billion in potentially “forgivable” federal loans intended to help employers keep workers on the job during closures prompted by the new coronavirus. That’s about 2% of all loans approved by banks nationwide as of Monday, according to data from the U.S. Small Business Administration on […]
Posted inBusiness, COVID, News
Keep your workers, the loan is forgiven: How Colorado banks are coordinating a massive coronavirus lifeline
As coronavirus cases in Colorado’s mountain communities reached 50, Karen Hoskin made the difficult decision to temporarily close the tasting room of Montanya Distillers. She gave the affected workers two weeks pay and hoped to reassess soon. That was more than two weeks ago. Hoskin, who founded the Crested Butte rum maker in 2008, is […]