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COVID-19 resources

Coronavirus - COVID-19

Resources for banks to use

 

CBA: Banks stand ready to assist customers amid COVID-19 outbreak

Bankers: No need to hoard cash amid coronavirus pandemic

 

Latest news

 

CBA update: March 31, 2020

CBA update: March 30, 2020

CBA update: March 25, 2020

CBA update: March 23, 2020

 

 Treasury and SBA begin unprecedented public-private mobilization effort to distribute $349 billion in emergency funds

 Assistance for Small Businesses

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

· For a top-line overview of the program HERE

· If you’re a lender, more information can be found HERE

· If you’re a borrower, more information can be found HERE

· The application for borrowers can be found HERE

Additional information is available at Treasury.GOV/cares

 Loan terms and conditions

The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

  • • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • • Maximum loan amount up to $10 million
  • • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • • All loans under this program will have the following identical features:
  • • Interest rate of 0.5% • Maturity of 2 years
  • • First payment deferred for six months
  • • 100% guarantee by SBA
  • • No collateral
  • • No personal guarantees
  • • No borrower or lender fees payable to SBA

 

Free resources

Colorado issues COVID-19 guidance for state-chartered banks

View a matrix of regulatory COVID-19 action 

View an executive summary of COVID-19 economic relief package

Summary of CARES Act

One-pager from U.S. Senate Committee on Small Business and Entrepreneurship on the CARES Act

ABA coronavirus communications toolkit, FAQs

Common practices for banks 

Download a free pandemic planning policy

Download a sample customer notice

Download a free COVID-19 help sheet

How coronavirus could affect your business's insurance

Coronavirus and the workplace

CBA's 3/12 webinar with
DDPHE, risk managers,
Employers Council

Information from regulators

Agencies issue pandemic planning guide 

Joint statement regarding CRA consideration

OCC resources

FDIC resources

Federal Reserve resources

Colorado Division of Banking resources

CFPB resources

CFTC resources

CBA 3/20 webinar with regulators
Purchase access to view 

Lending, lender employer resources

SBA COVID small business guidance

SBA COVID-19 resources

Polis secures funding for small businesses

Denver offering loans for small businesses

New state and federal paid leave mandates

GSEs, HUD to suspend foreclosures amid pandemic

Treasury, IRS issues guidance extending tax payment deadline 90 days

 

 

CBA 3/23 SBA webinar

Purchase access to view

                   

Congress has passed two COVID-19 related bills which the President has signed and are being implemented.  The third one, Keeping Workers Paid and Employed Act, is projected to provide hundreds of billions of dollars of economic stimulus and emergency relief.  Bankers need to know what is in development so you and your customers can plan ahead.  Senator Gardner and subject matter experts will review the legislation and its timeline.  While details of the bill are not yet certain, the below description is accurate as of March 19.  It also is believed that the Act will address a postponement of CECL and needed language to deal with TDRs.

 

The Keeping Workers Paid and Employed Actwould prevent workers from losing their jobs and small businesses from failing due to economic losses caused by the COVID-19 pandemic. The plan would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis. This proposal would be retroactive to March 1, 2020, to help bring workers who may have already been laid off back onto payrolls.

 

Small Business Assistance – Targeted at small employers with <500 employees that would be eligible for the loans.  Loans would be immediately available through existing Small Business Administration-certified lenders, including banks and other financial institutions, and SBA would be required to streamline the process and the Secretary of Treasury would be authorized to make further enhancements to expedite delivery of capital to small employers. The size of the loans would be tied to an applicant’s average monthly payroll; mortgage, rent, and utility payments; and other debt obligations over the previous year. The maximum loan amount would be $10 million. Conditional upon business retaining their employees and payroll levels during the covered period (March 1, 2020, through June 30, 2020), the portion of the loan used to cover payroll and payments on pre-existing debt would be forgiven. Further, employers with tipped employees would receive forgiveness for additional wages paid to such employees during the covered time. The bill would provide $300 billion to support these loans.

 

Watch the webinar with US Sen. Cory Gardner 
regarding federal economic stimulus 
March 23, 2020

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