Updated: a day ago
We'd like to share this story we authored in March of 2020. While some of the grants are no longer available, the sources offered are still a great asset to small businesses.
This past December, my husband and I moved from Colorado Springs to Palmer Lake and were warmly greeted by the Palmer Lake Star. As many of you know, the star has been shining each December and on special occasions since 1935, greeting residents and visitors alike as they travel along Colorado State Highway 105. The star is usually turned off in early January and when it was turned off this year, we felt a sadness that it was no longer shining because we missed the warmth we felt each evening as we gazed upon it.
About 2 weeks ago, the star was again lit, and continues to light our sky every evening. We view this as a beacon of hope to rely on during these difficult times. I know many of my clients have had to close their doors, many of them are open but have lost customers, many of them don't really know how to best navigate this "new normal", at least in the short term.
A Beacon of Hope
I have spent a lot of time during the past 2 weeks navigating the internet, listening to conference calls on the economy, the state of our country and the spread of the COVID-19 virus. I have also read lots of detail on programs that contain hope and help for small businesses. A shout out and a thank you to the Colorado Springs Chamber of Commerce and EDC for all the support, information and conference calls you have been giving your members as well.
The CARES Act that was recently passed looks to be a beacon of hope for small businesses- there are 2 programs in particular that I think can help both my clients and all the other small businesses out there who are looking for monetary relief to keep their employees employed,
and support so that they can successfully reopen their doors once this difficult period abates.
The Economic Injury Disaster Loans & Emergency Economic Injury Grants. These grants provide an emergency advance of up to $10,000 to small businesses within 3 days of applying for a Small Business Administration Economic Injury Disaster Loan.
Paycheck Protection Loan Program. These are federally guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be forgivable. This program is expected to be in effect by next week.
CPN & Associates LLC is a Business Consulting Firm offering strategic business reviews, analytical financial reviews, operational management, and many other small business services.