Dear Colorado Lending Source Community,
We are pleased to inform you that we are now accepting applications under the Paycheck Protection Program.
A second round of funding for the PPP program allocates a portion of the funds to be lent to small businesses by nonprofit lenders such as ourselves. Per the Cares Act we hope to prioritize rural-based, woman-owned, minority-owned, and veteran-owned small businesses as well as sole proprietors, independent contractors, and nonprofit entities.
Any portion of loan proceeds spent in the eight weeks immediately after your loan has been funded and used for covered payroll costs (including: salary, wages, payment of cash tips, and employee group health care benefits), interest on mortgage obligations, rent, and utilities has the potential to be forgiven. We anticipate having funding available for the next few weeks.
It is important to note the demand on this program is high. In order to process your request quickly we will need complete applications including the following suggested documentation to establish loan amount:
- Ownership information for each 20% or greater owner, including a Driver’s License copy. If you are a non-profit entity, please enter the information for the authorized signor(s) and indicate 0% ownership.
Your Colorado Lending Source Team