What Kind of Financial Relief Is There?

03/23/2020

Unemployment payments, Small Business Administration disaster-relief loans are among the sources of financial assistance now available to workers and businesses impacted by COVID-19

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AT LEAST A MODICUM OF FINANCIAL RELIEF WILL BECOME AVAILABLE TO EMPLOYEES AND BUSINESSES IMPACTED BY THE CORONAVIRUS PANDEMIC. BROUGHT TO YOU BY ALPINE BANK, MEMBER F D I C. YOU'RE WATCHING THE LOCAL NEWS NETWORK. I'M WENDY GRAHAM SETTLE. WORKERS WHO HAVE HAD THEIR HOURS REDUCED OR WHO HAVE BEEN LAID OFF BECAUSE OF CORONAVIRUS RELATED CLOSURES ARE ELIGIBLE TO APPLY FOR COLORADO UNEMPLOYMENT INSURANCE. BOTH PART-TIME AND FULL-TIME EMPLOYEES ARE ELIGIBLE. UNEMPLOYMENT BENEFITS PAY ABOUT 55 PERCENT OF YOUR AVERAGE WAGE OVER A 12-MONTH PERIOD. BENEFITS MAY TAKE FROM TWO TO SIX WEEKS TO PROCESS. YOU CAN ALSO EARN UNEMPLOYMENT BENEFITS IF YOU'VE BEEN LAID OFF FOR A SET PERIOD OF TIME AND EXPECT TO GO BACK TO WORK FOR THE SAME EMPLOYER. THE COLORADO DEPARTMENT OF LABOR AND EMPLOYMENT OFFERS JOB-SHARE ASSISTANCE TO EMPLOYERS WHO WANT TO AVOID LAYING OFF EMPLOYEES BUT CAN NO LONGER AFFORD TO PAY THEM THEIR WAGES.  THE PROGRAM HELPS OFFSET SOME OF THE DIFFERENCE BETWEEN WHAT THE EMPLOYER CAN PAY AND WHAT THE EMPLOYEE EARNED. THOUSANDS OF EMPLOYEES IN SOUTHWEST COLORADO LOST THEIR JOBS THIS MONTH WHEN COLORADO GOVERNOR JARED POLIS CLOSED ALL SKI RESORTS AND THE COLORADO DEPARTMENT OF HEALTH AND ENVIRONMENT CLOSED ALL BARS, RESTAURANTS, GYMS, THEATERS AND CASINOS TO SLOW THE SPREAD OF COVID-19. YOU CAN APPLY FOR BENEFITS AT COLORADO U I DOT GOV SLASH FILE A CLAIM.FINANCIAL RELIEF IS NOW AVAILABLE TO COLORADO BUSINESSES THAT ARE LOSING REVENUE AS A RESULT OF CORONAVIRUS CLOSURES. GOVERNOR POLIS ANNOUNCED THIS WEEK THAT COLORADO HAS OBTAINED AN S B A  DISASTER DECLARATION AND ELIGIBLE BUSINESS CAN APPLY FOR UP TO TWO MILLION DOLLARS IN DISASTER RELIEF LOANS. ELIGIBLE BUSINESSES INCLUDE THOSE THAT HAVE BEEN DIRECTLY AFFECTED BY COVID-19. BUSINESSES THAT OFFER SERVICES DIRECTLY RELATED TO BUSINESSES AFFECTED BY COVID-19. AND OTHER BUSINESSES THAT HAVE BEEN HARMED BY LOSSES IN THEIR COMMUNITIES. APPLICANTS MUST HAVE A CREDIT HISTORY ACCEPTABLE TO THE SBA AND CAN DEMOSTRATE AN ABILITY TO REPAY THE LOAN. LOANS MAY BE USED TO PAY FIXED DEBTS, PAYROLL, ACCOUNTS PAYABLE, AND OTHER BILLS THAT COULD HAVE BEEN PAID HAD THE DISASTER NOT OCCURRED.  THE LOANS ARE NOT INTENDED TO REPLACE LOST SALES OR PROFITS OR FOR EXPANSION OR TO PAY DOWN LONG-TERM DEBT. THE LOCAL SMALL BUSINESS ADMINISTRATION CENTER WILL HAVE BUSINESS CONSULTANTS AVAILABLE FOR ONLINE QUESTIONS AND TO ASSIST WITH APPLICATIONS. FOR LOCAL ASSISTANCE, VISIT S B D C FORT LEWIS DOT E D U.TO APPLY ON LINE, VISIT DISASTERLOAN DOT S B A DOT GOV. PLEASE PRACTICE SOCIAL DISTANCING, STAY HOME IF YOU'RE SICK, AND WASH YOUR HANDS FREQUENTLY. FOR MORE UPDATES AND THE LATEST DEVELOPMENTS, VISIT THE SAN JUAN BASIN PUBLIC HEALTH DEPARTMENT'S WEB SITE AT S J B PUBLIC HEALTH DOT ORG. I'M WENDY GRAHAM SETTLE FOR THE LOCAL NEWS NETWORK.

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