Last week, the Coronavirus Aid, Relief, and Economic Security, or CARES, Act was signed into law. The $2 trillion COVID-19 rescue package includes what are called Small Business Administration, or SBA, loans.
Kris Mattera, the Executive Director of the Basalt Chamber of Commerce, says there are two types of SBA loans. There’s the expansion of the existing Economic Injury Disaster Loan, or EIDL, program. These loans are available now and were used after Hurricane Katrina and the flooding in Boulder.
Then there’s the new Paycheck Protection Program, or PPP, which will likely be released over the coming days. Mattera said it’s important for small business owners to know which one is right for them.
“I would take the time to talk with your trusted financial professionals on what is best for you.” she said. “Work on getting all of your paperwork ready to go so that once that opportunity is available, you can be first in line because there is only so much funding available. This is a first-come, first-serve opportunity.”
To find out more, visit the Colorado Small Business Development Center website, or the federal Small Business Administration website. The Basalt Chamber of Commerce also has additional resources on their website.
