GRAND JUNCTION, Colo.- As the COVID-19 pandemic drastically hurts the economy, small businesses and nonprofits in Colorado are getting help.
According to the U.S. Small Business Administration, $5.8 billion worth of Paycheck Protection Program loans have been approved in Colorado for small business owners and non-profits.
This program is part of the $2 trillion federal economic stimulus package otherwise known as the CARES Act.
The Business Incubator Center in Grand Junction is a nonprofit that serves as a local resource for entrepreneurs in the Grand Valley on how to start and maintain small businesses. Director John Maraschin says the organization just was approved for one of these loans and will expect funding this week.
“It’s going to impact us in a really positive way and it’s going to impact the community,” Maraschin said. “That money is going to help us keep running our programs.”
Maraschin says the funding from the Paycheck Protection Program will help support over a dozen full-time employees and help the Business Incubator Center provide services to small business on the Western Slope during this time.
The Small Business Administration will forgive loans taken out from banks by nonprofits and small business as long as employees are kept on payroll for two months, and money is also used to cover expenses like rent and utilities.