State providing resources for forgivable loans to help Colorado businesses
COLORADO SPRINGS, Colo. (KRDO) -- The Colorado Secretary of State's Office announced that the state has set up resources for businesses to apply for forgivable loans amid the COVID-19 pandemic.
As part of the CARES Act that was passed by Congress last week, $349 billion has been set aside for the Paycheck Protection Program to help small businesses, independent contractors and nonprofits meet payroll and rent needs.
You'll need a few important documents, including bank and tax records, to determine your eligibility. Businesses can begin applying for the loans on Friday and they'll be given on a first-come, first-served basis.
