It can be challenging navigating the many COVID-19 programs and resources available for employers. We have compiled a list below with updated information and links from the IRS, US Chamber of Commerce, Colorado Office of Economic Development and International Trade (OEDIT), COVID-19 Business Resource Center, and Colorado Department of Labor.
The CDC has developed a tool to assist business owners and managers in making decisions regarding reopening during the COVID-19 pandemic. Click here for the recommended safety actions.
A new program in the CARES Act is the Employee Retention Tax Credit available to all businesses and tax-exempt organizations. It allows a 50% refundable tax credit on up to $10,000 in wages per employee, per quarter. For more information, see the IRS Guideline: Employee Retention Tax Credit. FAQs: Employee Retention Credit under the CARES Act
Loans for businesses under the CARES Act Coronavirus Emergency Loans
Financial Assistance for Employers (updated 4/22/20) OEDIT COVID-19 Website or by calling 303-860-5881
Services including consultation on layoff aversion strategies, onsite workshops for employees in transition, job placement assistance, and information on unemployment benefits can be found here.
If you are only reducing hours, you may be eligible for a Work-Share program, which provides an alternative to laying off employees by allowing them to keep working, but with fewer hours.
Unemployment Info for employers
The CARES Act provides expanded unemployment benefits for those individuals affected by the COVID-19 pandemic. The Colorado Department of Labor’s unemployment page is your main resource. There are worksheets to calculate benefits, FAQS, and a link to file an unemployment claim. You can also reach out to their call center hotline at 303-318-9000. The Unemployment Helpful Hints Fact Sheet” will be helpful to employees
COVID-19 Business Resource Center
CO Department of Labor has an updated site on resources to support small businesses, nonprofits, freelancers, and independent contractors. (Updated 4/22/20) The website includes industry-specific resources. Click here.