Economic Recovery Support For Colorado's Small Businesses

(CBS4) -- A newly released survey shows 23% of Colorado businesses anticipate laying off 50% of their workforce during the Coronavirus pandemic. The survey was revealed during an update of the Colorado Command Unit, which is Colorado's coordinated response unit to the COVID-19 virus.

"Businesses need liquidity now," said Betsy Markey, Executive Director of Colorado's Office of Economic Development and International Trade. "Businesses are holding on for a relatively quick recovery we know that they can hang on for another you know one to six months, but after that is going to get continued to get very difficult."

The economic office is working to make sure Colorado small businesses get their fair share of stimulus related money coming out of Washington from the Payroll Protection Plan and an economic injury loan program. The state has also created a COVID-19 Business Recovery Center. Markey says there are more than 100 other avenues for small business recovery money.

Her office has been partnering with the Gates Family Foundation, and other philanthropic organizations to raise $26 million in liquidity for nonprofit lenders. They're using this money to fund PPP loans for small businesses that we're not able to find funding through larger banks.