SBA, Treasury announce simpler PPP loan forgiveness application
For Paycheck Protection Program (PPP) loans of $50,000 or less, the U.S. Small Business Administration (SBA) and the Treasury Department announced a simpler loan forgiveness application, streamlining the PPP forgiveness process to provide administrative and financial relief to small businesses across the U.S.
“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” SBA Administrator Jovita Carranza said in a press release.
The development also eases the burden on PPP lenders who can now process forgiveness application swiftly and efficiently.
“Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly. We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process,” Secretary of the Treasury Steven T. Mnuchin said in a press release.
To view the simpler application, visit sba.gov. Instructions on how to fill out the form can also be found on the SBA website.
Energize Colorado Gap Fund enters second round of available funding
Last Friday, Gov. Jared Polis announced the state will allocate $6 million to the Energize Gap Fund. The deadline to apply for the second round of available funding is Oct. 26.
“The fund is a bold, ambitious proposal that truly represents a holistic effort by both Democrats and Republicans in the state legislature and beyond coming together and putting differences aside to provide much-needed relief to small businesses and nonprofits across the state that are reeling from the pandemic,” Polis said in a news release.
More than $31 million will be provided in loans and grants, and will be targeted towards nonprofits and businesses hit hardest by the shutdown and with no or little access to other potential funding resources. The Gap Fund provides up to $15,000 in grant funds and $20,000 in low-interest loans to organizations with fewer than 25 employees.
Six-thousand applications were submitted during the first round of funding, with more than 50% from woman-owned entities. More than 25% were from rural organizations and 12% were Latino-owned. Ten percent were from black-owned enterprises.
To apply, visit energizecolorado.com.
Colorado West Land Trust and Black Canyon Regional Land Trust merge
Colorado West Land Trust and Black Canyon Regional Land Trust, in the mission to conserve lands across the Western Slope, merged on Sept. 30 to form Colorado West Land Trust. The organizations have worked closely over the past few years with efforts to protect landscapes in western Colorado.
“Our partnership has shown that we can best serve our community by banding together. With the economic stress and uncertainty of the pandemic, we determined that now is the time to merge the organizations as this will enhance our sustainability and the resiliency of land conservation work on the Western Slope,” Rob Bleiberg, executive director of Colorado West Land Trust, said in a press release.
Great Outdoors Colorado, as part of its Resilient Communities Program, issued a grant to Colorado West Land Trust to help cover the costs associated with the merger.
The merger, Colorado West Land Trust stated, will help strengthen land conservation in the region, and will allow the organization to better serve landowners.
Also, it’s expected there will be several challenges in the mission to protect Western Slope lands, so the merger should help the organization prepare and potentially thwart any efforts to halt its mission.