Here is a comprehensive list of resources for those suffering from the effects of the COVID-19 and includes resources for your business, for homeowners, tenants and student loans. It includes both Federal and Colorado resources.
We have this information on our individual web pages, as well, and more information on how you can use an attorney, if needed. For instance:
We have the resources for businesses on our Business Law page.
We have the resources for homeowners and tenants on our Real Estate Law page.
We have the resources for student loans on our Credit page.
We will continue to update all of our pages and blogs with new information and resources as it becomes available.
FEDERAL PROTECTIONS FOR HOMEOWNERS
1. CARES Act Mortgage Forbearance
What is it?
A mortgage forbearance for up to 180 days on federally-backed loans, for homeowners who are experiencing a financial hardship due to the COVID-19.
What does it do?
A temporary forbearance on your mortgage, the terms of which are dependent upon your lender. Important! You’ll have to repay any missed or reduced payments in the future. Read the terms carefully and make sure you understand how the lender is treating those missed payments. Do not request a forbearance unless you can not make your mortgage payments.
In addition, for those who have a Freddie Mac Or Fannie Mae mortgages, you won't incur late fees or have delinquencies reported to credit reporting agencies.
Who qualifies?
Those who have federally-backed loans.
2. CARES Act Foreclosure Moratorium
What is it?
A foreclosure moratorium on federally-backed loans, for homeowners who are experiencing a financial hardship due to the COVID-19.
What does it do?
Suspend foreclosures by your lender or loan servicer for 60 days after March 18, 2020, including beginning a judicial or non-judicial foreclosure, or finalizing a foreclosure judgment or sale, during this time.
Who qualifies?
Those who have federally-backed mortgages.
FEDERAL PROTECTIONS FOR TENANTS
1. CARES Act Eviction Protection
What is it?
Eviction relief for tenants.
What does it do?
Gives tenants 120 days of eviction relief for tenants that live in federally-backed housing, with a 30-day notice of eviction.
Tenants are still obligated for their rent for this time period.
Who qualifies?
Tenants that live in federally-backed housing.
Tenants under the Violence Against Women Act.
Tenants under the Rural Housing Voucher program.
2. CARES Act Tenant-Based Rental Assistance
What is it?
HUD with an additional $17.4 billion in funding through HUD for rent assistance, housing vouchers, public housing, and housing for the elderly.
COLORADO PROTECTIONS FOR HOMEOWNERS AND LANDLORDS
At this time, none exist.
Colorado needs to have protections for both landlords and tenants.
COLORADO PROTECTIONS FOR TENANTS
Varies by County.
COLORADO RENT ASSISTANCE PROGRAMS
State-funded and private program-funded rental assistance may be available. Click here for a link to programs in Colorado.
EMERGENCY GRANTS AND LOANS:
These loans are available for small businesses, including non-profits, 1099s and sole proprietorships.
1. PPP
What is it?
A loan up to $10 million, with .5% interest and a maturity of 2 years, determined by 8 weeks of prior average payroll, plus 25% of that amount. Loan proceeds used to cover the first 8 weeks of payroll and other expenses are fully forgiven, if you maintain your workforce. Otherwise, payments are deferred for 6 months.
Who qualifies?
Small businesses, non-profits, Veterans organizations and eligible Tribal businesses.
What can you use it for?
Payroll expenses
Interest on Mortgages
Rent
Utilities
Here is the link to the newest application for PPP, as of April 3, 2020.
2. EIDL
What is it?
A loan up to $2 million with 3.75% interest, with a 10-year maturity. Loans for non-profits are 2.75%. Applicants may also apply for a $10,000 advance on the loan, available within 3 days, that does not have to be repaid, even if the EIDL loan is denied.
Who qualifies?
Small businesses with limited payroll costs that don't qualify for PPP.
What can you use it for?
Maintain payroll to retain employees
Provide paid sick leave to employees sick with COVID-19
Pay rent or mortgage payments
Repay obligations that can not be meet due to revenue loss
Meet increased costs due to COVID-19
3. SBA Debt Relief
What is it?
The SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020, and the SBA will pay the principal and interest of current 7(a) loans for a period of six months.
4. SBA Express Bridge Loans
What is it?
A bridge loan that allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork, and for small businesses with an urgent need for cash while waiting for decision and disbursement of an EIDL.
PAYROLL TAXES
1. Payroll Retention Credit
What is it?
A payroll tax credit taken against your payroll taxes equal to 50% of qualified wages paid to each employee for wages paid after March 12, 2020. If the calculated payroll tax credit exceeds your payroll tax liability, the excess with be refunded by the IRS.
Who qualifies?
Businesses and Non-profits that did not receive the PPP loan, if:
Business operations were completely or partially suspended due to an order by an appropriate government authority, OR
Your business remains open, but your gross income in any 2020 quarterly calendar is less than 50% of revenue from the same calendar quarter in 2019.
2. FFCRA
What is it?
A dollar-for-dollar payroll tax credit, with the possibility of a tax credit advance, for employers with less than 500 employees who paid 2 weeks of paid sick leave (up to $511 per day) for employees sick with COVID-19 and/or 12 weeks of Family Leave pay for parents unable to work due to caring for a child (up to $200 per day).
UNEMPLOYMENT:
1. Regular Unemployment
What is it?
26 weeks of unemployment benefits, plus an additional $600 per week, plus up to an additional 13 weeks of expanded unemployment benefits.
Who Qualifies?
An employee with reduced hours or wages, or an employee that has been furloughed.
An employee that has been laid off permanently.
An employee that has exhausted regular unemployment benefits.
2. Pandemic Unemployment Assistance
What is it?
39 weeks of expanded unemployment benefits, plus an additional $600 per week.
Who Qualifies?
Self-employed, independent contractors and 1099 workers.
You, or your family member, has been diagnosed with COVID-19, and unable to work due to self-quarantine due to the advisement of a health care provider.
Have primary healthcare responsibility for a person who is unable to attend school due to school closures.
Unable to go to work or reach your place of employment due to an Executive Order
Were scheduled to start work and now are unable to due to COVID-19
Primary support of a household because the head of household died from COVID-19
Those who have to quit their job due to COVID-19
INSURANCE:
Check with your current insurance policy. Many have policies where your business loss can qualify as “direct damage” and “physical loss” under the property policies. Make sure future policies include the same coverage.
RESOURCES:
1. Small Business Administration
2. Colorado Department of Labor and Employment
3. CARES Act
FEDERAL STUDENT LOAN ASSISTANCE
1. CARES Act
What is it?
Forbearance of U.S. Department of Education student loans.
What does it do?
Automatically suspends principal and interest payments on federally-held student loans through September 30, 2020. Suspended payments count towards any student loan forgiveness program.
The Department of Education has stopped the collection of defaulted federally-owned student loans including garnishment of wages, the offset of tax refunds, and Social Security benefits.
Who qualifies?
Anyone who has student loans that are held by the federal government.
PRIVATE STUDENT LOAN ASSISTANCE
There is no current federal guidance on private loans during COVID-19.
Contact your servicer to find out what options are available to you. Some private lenders offer their own reduced payment options. Many servicers offer ways to postpone your payments, such as forbearance.
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