COVID-19 Response: Helping Businesses

Share this page:

Updated July, 1 2020

The City of Colorado Springs is working hand-in-hand with county and state officials in obtaining the most accurate and up-to-date information about COVID-19. 

City Economic Development physical offices are currently closed to the public, but all staff members are equipped to assist you with your business needs virtually. Thank you for your understanding as we work to keep the public and our staff safe and healthy, and ensuring you have access to the City of Colorado Springs Economic Development services and support. You can reach our team at economic.developmentmain@coloradosprings.gov or 719-385-5955.

City’s Business Relief Package

The City of Colorado Springs is committed to working with community partners including state, federal and county governments, local economic development organizations, non-profits and foundations on local programs in support of Colorado Springs business owners and their employees impacted by COVID-19.

Read more about the City’s Business Relief Package

Resources for helping businesses respond to COVID-19

Business Reopening Guidance and Resources

Economic-Related COVID-19 Announcements

Funding Resources Available for Businesses

City of Colorado Springs does not accept applications for the following funding resources. Please apply directly through each organization at the links provided.

Local

  • Survive & Thrive COS Small Business Relief Fund - The City is working in partnership with Exponential Impact and Pikes Peak Community Foundation to provide mentorship, resources, and relief loans of up to $25,000 for small businesses and nonprofits with 2-25 employees in El Paso County. The program is now also seeking mentors to assist loan awardees – apply to be a mentor here.
  • Artist Recovery Fund – Pikes Peak Community Foundation and Bee Vradenburg Foundation have partnered to provide emergency support for individual artists and creative professionals in El Paso and Teller Counties.

State

  • CO Creatives Relief Grant – one-time grant payment to non-profit arts organizations in Colorado between $4,000 and $8,500. Applications are due Monday, June 1.
  • Alternative Sources of Funding in Colorado – The Colorado Office of Economic Development and International Trade has created a Google sheet that helps Colorado’s small businesses find alternative funding sources beyond federal loans and programs. The sheet is being updated on a regular basis.
  • Help Colorado Now COVID Relief Fund – Applications are now open for eligible community-based organizations across Colorado to apply for general operating grants of up to $25,000 for efforts on prevention, impact (including economic impact), and recovery related to COVID-19. Information on eligibility and Fund priorities provided in link.

Federal

  • SBA Coronavirus Funding Options – In addition to traditional SBA funding programs, the federal CARES Act established several new, temporary programs to address the COVID-19 outbreak including:
    •  Economic Injury Disaster Loan (EIDL) and Loan Advance – low interest loans up to $2 million for small businesses and non-profits. As part of the application for the EIDL, applicants can access up to $10,000 loan advance that acts as a grant. You must opt into the loan advance when completing the EIDL loan application. Congress appropriated more funds for the Economic Injury Disaster Loan and applications are open now.
  • Payment Protection Program – loan program up to $10 million that provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Congress appropriated more funds for the Paycheck Protection Program. These forgivable loans will be awarded on a first-come, first-served basis and applications are being accepted until June 30, 2020. However, most banks will only accept applications until Friday, June 26th. Applications are now open for small businesses, sole proprietors, independent contractors and self-employed. Apply by talking with your lender or identify an eligible lender here. Businesses can also use SBA’s new Lender Match – a free tool to help small businesses connect to SBA-approved CDFIs and small lenders.
    • On June 5, 2020 the President of the United States signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), which made several important changes to improve the flexibility of the program. An overview of the changes can be found at the link provided.
  • SBA Express Bridge Loans – enables small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly to bridge the gap while waiting for other financial relief. This program is available now – talk with your SBA Express Lender.
  • SBA Debt Relief – SBA is providing financial reprieve to small businesses during the pandemic. This relief is automatic and application is not required.

For additional assistance on SBA information, please reach out to the Pikes Peak Small Business Development Center.

Resources

How you can support local businesses

Please follow the guidance from local health officials so we can slow the spread of this disease. During this challenging time for our community consider ways to help a neighbor, volunteer with a community organization, and support local businesses like buying online or ordering takeout from local restaurants. For more tips on supporting local businesses, visit Downtown Partnership.

Support the Springs offers creative opportunities to support our local businesses in this trying time. Learn about small businesses offering alternative ways to shop, resources for up-to-date COVID-19 information, and ways to stay connected through volunteering and donating to emergency relief efforts. Visit SupportTheSprings.com for more information and add your business to the list.