The Small Business Administration’s Paycheck Protection Program began reopening Monday morning, providing additional financial resources for Colorado businesses.
Community financial institutions can make First Draw PPP Loans beginning Monday and Second Draw PPP Loans beginning Wednesday, according to the Colorado Secretary of State’s Office.
PPP loans will be made available to all participating lenders soon after.
Secretary of State Jena Griswold said this rollout is meant to “promote widespread community access to capital.”
This round of the PPP loans will authorize up to $284 billion toward job retention and other expenses through March 31, prioritizing those employed by small businesses.
The round also allows some existing PPP borrowers to apply for a Second Draw PPP Loan.
Those interested in the forgivable PPP loans should begin preparing application materials, including payroll, rent, utilities, tax records, bank records and the estimated eligible amount of the forgivable loan.
More information on PPP and other resources available for Colorado businesses can be found at colorado.gov.
The website will be frequently updated as new information regarding PPP becomes available.