Your Partner Through COVID-19
In these difficult times, Bank of Estes Park has appreciated your patience as we have been working tirelessly and relentlessly since the beginning of the COVID-19 pandemic to bring relief to our clients and community in a wide variety of ways, depending on their individual circumstances. We have collaborated and partnered with Colorado Lending Source, the largest Community Development Corporation (originator of SBA loans) in Colorado, to form an innovative program that will provide access to the SBA PPP loan program to the Estes Valley small business community. Bank of Estes Park has already funded the program, and Colorado Lending Source, with their tremendous capacity to process SBA loans, is now ready to begin processing your SBA PPP loan application. This program is available to all Bank of Estes Park clients and to all small businesses in the Estes Valley.
Our dedicated team is actively taking customer calls and responding to email messages. Due to high demand, we appreciate your patience. How to Contact Support:
Call: 970-586-4485, 970-577-1234, or 303-652-8082
SBA Disaster Loan Information and Application: Due to the higher dollar amounts available and very forgiving repayment terms, you should at least consider the SBA Disaster Loan. The following link provides information and the ability to apply directly for this loan with the SBA: https://www.sba.gov/funding-programs/disaster-assistance
SBA Paycheck Protection Program Loan: This loan will provide smaller dollar amounts (approximately eight weeks of average payroll) but is designed to provide loan forgiveness when the funds are used as agreed. The following link provides all the information you should need to be informed before applying: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
SBA PPP Loan Application: Below are the details of what Colorado Lending Source will need in order to process your request. It is important to note the demand on this program is high. This process is built for speed and efficiency, but for that to work, they will need complete applications, and delays will naturally result for incomplete applications.
The following information is needed for the online application process:
- SBA form 2483 Borrower application (provided during application or see link)
- Payroll Calculator (provided during application process)
- Documentation is necessary to establish the loan amount. Suggested documentation below.
- Ownership information for each 20% or greater owner is required, including a Driver’s License copy. If you are a non-profit entity, please enter the information for the authorized signor(s) and indicate 0% ownership.
Following your completed application, a loan officer will be in touch via your email to request this additional information. Please prepare in advance:
- Addendum A Affiliate info as applicable (see link)
- Addendum B Economic Injury Disaster loan (EIDL) taken out by borrower if applicable (see link)
- ACH Form and voided check (see link)
- Bank wiring instructions for loan proceeds (see link)
Tips on Payroll Information and documentation:
- Payroll Records for January – December 2019
- Payroll Records for January – February 2020
- Summary of state and local taxes assessed on compensation of employees
- Most recent IRS Form 941
- For borrowers that do not have such documentation, please provide other supporting documentation such as bank records for January 2019-February 2020 with clear indication of payroll and state/city tax expenses.
- EXCLUDE or indicate any compensation paid to an individual employee that exceeds $100,000 (for the portion that exceeds it) annualized or any compensation paid to an employee whose place of residence is outside of the United States
- Sole proprietor and independent contractors can apply on 4/10/2020, suggested documentation is below:
- On/after 4/10/2020 – Forms 1099-MISC (N/A if applicant employs an independent contractor)
- On/after 4/10/2020 Income and Expenses for 2019 and January – February 2020
* For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee.
* For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee
Please go here to begin the application. Please indicate either “Bank of Estes Park client” or “Estes Park Small Business” in the notes section.
For any questions or follow up on your application, it is important that you use this email address: email@example.com