How to Prepare for Future Stimulus

As Colorado awaits the anticipated second round of federal funding to reopen applications for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), we recommend you continue preparing to submit an application. Consider these steps:

• If your PPP loan was already in the queue at a bank, check in with your lender to ensure all paperwork is correct and in place.
• If your EIDL application was already submitted, check the status of your application by contacting SBA at 1-800-659-2955 or [email protected].
• If you have not started working with a bank yet, research available lenders to identify your potential provider. Find an eligible lender.
• Self-employed, sole proprietors, independent contractors should confirm that their bank is working with their business structure.
• Set up a bank account if you do not have one. This will be necessary to receive relief funds.
• Prepare your paperwork, including average monthly payroll calculation (inclusive of eligible health care and retirement contributions).
• Create a plan for the use of funds over the 8-week period.
• Ensure that the 8-week disbursement plan complies with approved program expenditures to maximize your loan forgiveness. 
• Reach out to your accountant for guidance and support to resolve any lingering questions that could delay your loan application when the lending windows open with additional Congressional appropriations.