Rep. Jason Crow Outlines Steps Small Businesses Can Take to Apply for SBA Coronavirus Relief Loans

U.S. Rep. Jason Crow (CO-06) is encouraging Colorado small businesses affected by the coronavirus crisis to take advantage of Small Business Administration Economic Injury Disaster Loans (EIDL) to help them during the coronavirus pandemic.

"Colorado's economy can't thrive without small businesses. We need small business owners to have every resource at their fingertips as they work to stay afloat during the coronavirus outbreak and as we build a stimulus package, we must keep the fate of small business top of mind," said Crow. "My office and I stand ready to help constituents navigate the SBA, take advantage of relief loans for the coronavirus, and fight for innovative solutions in congressional stimulus bills."

Legislation passed earlier this month makes $1 billion available to the SBA to authorize up to $7 billion in disaster relief loans to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic injury from the COVID-19 pandemic. If secured, loans can be for up to $2 million.

Crow is advising small businesses that could benefit from SBA loans to take the following steps:

• Start immediately to collect the information needed to apply for loans. Examples can be found at https://disasterloan.sba.gov/ela/Information/PaperForms, but you'll need things like tax returns from recent years and balance sheets.

• Get the latest information by visiting the SBA's coronavirus website, www.sba.gov/disaster-assistance/coronavirus-covid-19, or calling SBA's national disaster relief line at 1-800-659-2955.

• Once familiar with the details, contact Colorado SBA offices in Denver https://www.sba.gov/offices/district/co/denvert or 303-844-2607 to talk to them about your specific case and get advice on filling out the right SBA disaster assistance loan. SBA staffers are busy during this crisis period, but will call back if you leave a message. You may also find your local Small Business Development Center here: https://www.coloradosbdc.org/

Last week, Crow introduced the Increasing Access to Capital Act, a bill to make it easier and faster for small businesses to get a loan during the coronavirus public health emergency. Crow's bill expands and bolsters the Small Business Administration (SBA) Express loan program, which can approve loans in as little as 36 hours.

Crow is also a co-sponsor of the SBA Business Stabilization Direct Loan Program Act, a bill that would cut SBA disaster loan interest rate from 3.5 percent to zero.

In addition, Crow alongside Congressman Joe Neguse (CO-02) led the entire Colorado delegation urging the Trump Administration to quickly grant Governor Polis' request for a disaster declaration for Colorado. Within less than two days of sending their letter, Colorado was granted disaster declaration allowing small business owners to apply for low-interest federal loans and unlock other Small Business Administration (SBA) tools available as a result of the pandemic.

In Colorado, small businesses employ 1.1 million people or a one-half of the private sector workforce. The state is home to over 610,000 small businesses of which 15% are minority-owned.

Crow is also soliciting input from the community on legislation and efforts Congress can take up to address this crisis holding regular stakeholder calls including with local Labor leaders, teachers and educational administrators, health care workers and medical personnel, small business owners, Buckley Air Force Base leadership, VA personnel, and officials with DIA and other transportation department.

Last week, Crow held a tele-town hall meeting with nearly 5,000 6th District constituents to answer their questions and hear directly from them about how the coronavirus is impacting local communities. He is scheduled to host a second telephone town hall this Friday.