PPP Application Extension and Resources - Nederland Downtown Development Authority

Paycheck Protection Program Application Deadline Extended

The application deadline for the SBA’s forgivable small business loans known as the Paycheck Protection Program (PPP) has been extended until August 8, 2020. Applications reopened today (July 6) for eligible small businesses, nonprofits and independent workers negatively impacted by pandemic-related economic disruption.

To apply, follow these steps:

Verify your business’s eligibility.
Review the application (provided by your lender) and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here. We have also compiled a list of Colorado SBA approved lenders. If you are struggling to find a lender, please contact our hotline at (303) 860-5881.

Guidance on applying for PPP funds

Support on calculating forgiveness

How to calculate PPP loan eligible for forgiveness
PPP Loan Forgiveness Tools: Consult your accountant, tax preparer, and/or lender for advice. These tools are for general planning purposes, does not constitute legal, financial, or tax advice and is not an official document
AICPA’s Estimator Tool: this tool is regularly updated as new guidance is made available by SBA and Treasury
OEDIT’s Estimator Tool (XLS)
Use the following applications to apply for loan forgiveness:
PPP Loan Forgiveness Application EZ – Form 3508EZ (Instructions)
PPP Loan Forgiveness Application – Form 3508 (Instructions)
Latest guidance released last week says that PPP recipients can apply for loan forgiveness early but that doing so could cost them money. Learn more.

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