SBA Paycheck Protection Plan

PPP Status & Recommendations

As of Monday, May 11, 2020, the second round of funding for the PPP is still available by some financial institutions. Check with your current commercial bank to see if they have funds available, if not contact other banks in the Carbon Valley area. Some institutions are only assisting current customers. Keep in contact with your financial institution for the status of your application.

The Treasury Department has issued Frequently Asked Questions in regards to the PPP. It is reported these FAQ’s are being updated often so check back regularly.

Download the Maximizing Your PPP Loan Forgiveness (PDF) to see your options and help you make the decision as to what is best for your business. 

Check out the Boulder SBDC Webinar, Part 7 on Spending Your PPP Money

PPP Forgiveness Application & Information

The Small Business Administration (SBA) issued the official application to apply for forgiveness of the PPP on Friday, May 15, 2020.  The application is available on the SBA’s website or may be downloaded here. The application includes what may be forgiven and how to make the necessary calculations. 

According to the SBA, forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

    •    Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
    •    Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
    •    Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
    •    Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
    •    Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Need help finding a lender to help you with the Paycheck Protection Program (PPP)?  

Contact the Colorado Small Business Development Center HOTLINE at 303-860-5881. The staff maintains a daily updated list of financial institutions that are taking on clients for the PPP.

The Paycheck Protection Program is a component of the Cares Act the Federal Government approved in late March, 2020. 

Quick Facts:

  • Application period opens Friday, April 3, 2020 for small businesses and non-profits (501C3 and 501C19) and Friday, April 10, 2020 for sole proprietors and independent contractors. 
  • Submit an application to an approved SBA lender until June 30, 2020.
  • The coverage period is for February 15, 2020 until June 30, 2020.
  • The loan cap is 2.5 times the employer’s average monthly payroll costs for the last 12 months, or $10 million, whichever is less.
  • The interest rate is 1.0% and no bank fees.
  • The loan is forgiven if the funds are expended on payroll costs (75% of funds), interest on mortgages, rent, and utilities, and is based on maintaining or quickly rehiring employees and maintaining salary levels, otherwise there are no payments for 6 months and shall be paid back at the end of 2 years.
  • No personal guarantees, collateral or credit rating is required.


The Paycheck Protection Program application form is available and is recommended that businesses review the application and provide/bring the necessary documents or information to the bank or complete at home.

Paycheck Protection Program Application PDF

Golden Shovel, an economic development service company developed and shared a Paycheck Protection Program Calculator. This is downloaded excel spreadsheet document.

For a great explanation of the Paycheck Protection Plan and the loan forgiveness please visit Colorado Lending Source Cares Act - Part 1. Review the Prepare, Apply, Comply Guide for a great visual step by step view of the process for applying for the Paycheck Protection Plan.

Additional information is available on the SBA’s website - Paycheck Protection Program

Do’s and Don’ts for Applying for PPP

The Denver Business Journal has shared insightful do’s and don’ts for applying for the Paycheck Protection Program: 

DON’T - fill out the form by hand
DO - put your business payroll information into a spreadsheet
DON’T - assume your banker understands your payroll process, banks don’t commonly review them as part of underwriting
DON’T  - assume you can printout a Quickbook/other report
DO - breakout you payroll costs, ask your accountant/bookkeeper for help
DON’T - show up or call without all the required documents
DO - check the SBA website for the latest application and requirements
DON’T - expect your lender to complete your application; help - yes
DON’T - panic and move all your accounts, check in with you bank to see if and when they will take applications, banks will catch up