Local governing bodies gotten ARPA financial data recovery funds based on society and you can will work on exactly how to spend that cash. The fresh new totals included in the stories and you may picture try prices. Finally number, when they be available. may vary. Below are a list of the top federal COVID-19 rescue software for the past couple of years, its objective and you can exactly what money Colorado gotten.
Providers direction
Paycheck Coverage Program (PPP): Under the CARES Act, the U.S. Small Business Administration rolled out a new lending program focused on helping small businesses keep workers on the payroll. It was the largest source of federal assistance extended during the pandemic, making 11.8 million loans worth nearly $800 billion.
PPP alone funds accounted for almost a quarter off government pandemic distributions during the Texas. Just after an initial bullet from inside the 2020, an additional one accompanied during the 2021 with increased place-asides to own disadvantaged and also smaller businesses. Consumers just who spent most money towards payroll expenditures could have finance turned into has. The common quantity of services spared is cuatro getting consumers bringing loans out-of not as much as $150,100, when you are the individuals taking high wide variety conserved on average 47 work. By Feb. 20, from the 87% regarding PPP finance is forgiven. Differences in PPP and other SBA credit apps are a switch reason why some counties did a lot better than anybody else inside obtaining government fund.
Monetary Injury Crisis Funds and you may Enhances (EIDL): The SBA also provided advances and loans through its traditional emergency lending program, guaranteeing $361 billion in loans to 3.9 million borrowers nationally as of March 31, including $5.7 billion to 60,185 borrowers in Colorado. Businesses were also payday loans online Colorado eligible to receive advances of up to $15,000 to meet immediate needs. The SBA named individual EIDL borrowers through following a court order but has not provided a full list.
For each and every Colorado county’s share off EIDL financing and you can improves inside the 2020 was applied so you’re able to complete counts from the county. In the place of PPP finance, EIDL fund aren’t forgivable, nevertheless they bring a low interest rate and will getting paid back more than 3 decades. To your March 15, new SBA offered borrowers as much as 31 months from the time a beneficial loan was issued to help you put-off repayments. EIDL finance and improves have been an essential source of providers financing, next in order to brand new PPP, and you may accounted for in the 8.4% regarding federal pandemic advice offered inside Colorado. The program remains offered to individuals.
Cafe Revitalization Financing (RRF): Under ARPA, Congress set aside $28.6 billion, administered through the SBA, to assist restaurants, bars, food trucks, caterers and other food service businesses recoup revenues lost during the pandemic. Amounts awarded ranged from as little as $1,000 to $10 million. Funds used for eligible expenses – such as payroll, rent, utilities, outdoor seating, etc. do not need to be repaid. The deadline for spending the money is . In Colorado, $481 million was awarded to more than 1,750 businesses. That represented 0.8% of all federal COVID-19 assistance in the state.
Shuttered Place Operators Grant (SVOG): The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act included $16 billion in grants to shuttered venues administered through the SBA’s Office of Disaster Assistance. Grants for up to 45% of lost revenues, topping out at $10 million, were provided to theaters, museums, concert venues, promoters, etc. As of March 14, there were 277 initial awards and 203 supplemental awards totaling $242 million in Colorado. Denver, Boulder, El Paso, Arapahoe and Larimer counties had the highest concentration of these awards.
Private assistance
Financial Perception Repayments (EIP): The U.S. Treasury Department provided three rounds of direct payments to individuals and families in the most direct form of federal assistance. The first round under the CARES Act in the spring of 2020 provided up to $1,400 per qualifying individual and $500 per child. The second under the COVID-related Tax Relief Act of 2020, enacted in late , authorized additional payments of up to $600 per eligible adult and qualifying child under age 17. The third round under ARPA provided payments of up to $1,400 per eligible individual and $1,400 per qualifying child, including adult dependents, in the spring of 2021.
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