Virtual Office Hours recap – How businesses can prepare for COVID stimulus funding

On March 26, 2020, the chamber hosted its first ever virtual office hours, with special guests Chris Dunkin of ANB Bank. We discussed different equity injection options that businesses may want to consider while dealing with the COVID19 crisis.

As with many businesses in today’s climate, we had to innovate, and as a result, the Chamber created it’s first podcast!

Listen to our interview

Table of Contents

Local approved lenders
Program summary
What businesses can do now


There are three main sources of funding for businesses right now:

SBA Economic Injury Disaster Loans

Details are located on the Business Resources section of our COVID sub-site


NOTE: This is currently a bill, not law, so it is subject to change. We will provide additional updates once the language is finalized.

The Senate has passed a stimulus package that includes a number of things that will be beneficial for individuals, families, and small businesses. The bill still needs to be approved by the House and signed by the President, but this expected to happen quickly.

One program in the Senate version of the bill that may be very helpful for our business customers is an SBA program designed to support the operations of a business.  This loan may be fully or partially forgivable if certain conditions are met.

Local approved lenders

All banks listed below are approved lenders and some have delegated approval authority (meaning the bank doesn’t have to go to the SBA for final loan approval). This means our local banks can act quickly to help customers once the CARES Act Bill becomes law.

Alpine BankWebsite
Two locations in Basalt
Contact: Lenders are operating in every full service Alpine Bank branch and are available for in-branch appointments or phone calls.
Updates here

ANB Bank • Website
130 Robinson St, Basalt | Willits
Contact: Chris Dunkin
Delegated approval authority

Bank of Colorado • Website
655 E Valley Road, Basalt | Willits/El Jebel
Contact: Email or call Jared Houghton at (970) 704-1144 or (970) 690-0216

Community Banks of Colorado • Website
255 Gold Rivers Court Suite 140, Basalt | Downtown
Contact: Kim Klingsmith at (970) 718-7002; Ellen Hoffman at the Basalt location (970) 927-0404
Delegated approval authority

U.S. Bank • Website
400 East Main Street, Suite 101, Aspen
Contact: Please complete this form for email updates.
Delegated approval authority

Program Summary

Here is what we know from the preliminary version of the bill. UPDATE: Final details can be found in our latest blog post.

Loans will be available that are guaranteed by the government to help businesses weather this storm. Certain normal operating expenses like payroll, utilities, and rent/mortgage will be forgivable by matching the use of the funds to specific expense categories. Once the expenses are matched the loan will be paid off by way of a grant from the government. Payment will be deferred for the first 12 months to allow expense matching. We believe that this will work as a direct injection of equity into your business by the government without any financial outlay. Forgiven loans will not be taxable as income and these loans are non-recourse; in other words – no personal guarantees.

Purpose/Use of Funds:

  • Payroll support, mortgage interest, rent, utilities

Eligible Borrowers:

  • Businesses and non-profit organizations with fewer than 500 employees and that were in operation on February 15, 2020.
  • Sole proprietors and independent contractors may be eligible.
  • Must certify that they have been impacted by COVID-19.

Loan Amount:

  • Certain expenses are forgivable (see below) and we will qualify borrowers for the forgivable amount with very streamlined documentation.
  • Loan amount may be increased above the forgivable amount, but more traditional underwriting will be required.


  • Payroll costs, rent, mortgage interest payments, and utilities expenses over some period of time will be forgiven. 
  • It appears the forgivable portion of expenses will be no more than
  • Forgivable amount may be reduced if number of employees is reduced.


  • Payments deferred for up to 12 months
  • No prepayment penalty
  • No SBA Fees

Collateral/Personal Guaranties

  • Collateral not required
  • Personal guaranty not required

What businesses should do now

The most important thing you can do right now is get your business information in order so you can be into the funding pool on day 1. Banks will have to complete the Customer Information Program (CIP) that is normal in banking. Normal CIP documents are:

  • Current registration with the Secretary of State – go online and make sure the business is shown as current
  • Current business operating agreement, partnership agreement, corporate resolution or the appropriate doc for your type of business
  • Proof of tax ID# – Preferably the original SS4 letter you received from the IRS when you filed for the EIN

Banks are not anticipating the need for financials as the goal of this program is to look forward not back. Please prepare a detailed and accurate budget for your business monthly expenses. We believe this will be the basis for sizing the loans, we want it to accurately match your real expenses during this time so that you get the full benefit of the program that qualifies for forgiveness.

Ideally you will have the documents in hand or compiled into an easily accessible folder so you are not scrambling to find them. There will  be a short application (1-2 pages) and a certification of impact that are not yet finalized.