Work in Leadville Today – and Tomorrow!
Webinar: What the Future of Work Holds
The world of work is changing, propelling some to greater heights while leaving others behind. Globalization, advances in technology, demographic shifts, and other factors leave many wondering whether we, as a society, are ready to face the many challenges tomorrow’s economy will bring. Join Colorado’s Future of Work expert Katherine Keegan to understand, prepare for, and develop policy and programmatic solutions to foster an economy that works for everyone in Colorado.
This event will look at ways that rural communities and businesses in Northwest Colorado (which includes Lake County) can better understand and prepare for these trends. Tuesday, March 30 from 9 – 10:30 a.m. CLICK for registration.
February Jobs Report for Leadville
According to the latest jobs report issued by the Colorado Department of Labor and Employment for February 2021, Lake County saw a slight uptick in its unemployment rate from 5.5% for the first month of the year and a 5.7% rate for the second month on the calendar (see map below). At the state level, Colorado’s seasonally adjusted unemployment rate was unchanged in February at 6.6 percent. The national unemployment rate declined one-tenth of a percentage point from January to 6.2 percent. Other highlights from the household survey:
Other highlights from the household survey:
- Colorado’s labor force grew by 3,800 in February to 3,187,200. The share of Coloradans participating in the labor force in February remained steady at 68.6
percent and slightly lower than the pre-pandemic rate of 68.7 percent.
- The number of individuals employed in Colorado increased by 5,700 in February to 2,977,900, which represents 64.1 percent of the state’s 16+ population. While Colorado’s employment-to-population ratio continues to improve since April, when it was 57.0 percent, it is still well below the pre-pandemic level of 66.8 percent.
- The Colorado counties with the highest unemployment rates in February were: Huerfano (10.5%), Pueblo (9.3%), Montezuma (8.8%), Fremont (8.7%), and Costilla (8.3%). County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s February unadjusted rate of 6.8 percent.
- While Colorado’s employment-to-population ratio continues to improve since April, when it was 57.0 percent, it is still well below the pre-pandemic level of 66.8 percent.
Establishment Survey Data
Distributed by the Colorado Department of Labor and Employment on March 22, 2021
Employers in Colorado added 5,200 nonfarm payroll jobs from January to February for a total of 2,662,300 jobs. Private-sector payroll jobs increased 6,900 and government declined by 1,700. Since May, Colorado has gained back 219,100 of the 375,800 nonfarm payroll jobs lost between February and April of last year. That translates to a job recovery rate of 58.3 percent, which slightly exceeds the U.S. rate of 57.6 percent.
Private industry sectors with significant job gains in February were: leisure and hospitality (-9,700), and education and health services (-2,200). Significant over the month private-sector job loss occurred in professional and business services (-2,900) and financial activities (-1,100).
Since February 2020, nonfarm payroll jobs have decreased 156,700, with losses totaling 130,600 in the private sector and 26,100 in government. The largest private-sector job losses were in leisure and hospitality (-72,400), education and health services (-12,700), and professional and business services (-11,200). Colorado’s rate of job loss over the past year is -5.6 percent, compared to the U.S. rate of -6.2 percent.
Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.6 to 33.4 hours, while average hourly earnings fell from $31.00 to $30.83, approximately eighty cents more than the national average hourly earnings of $30.01.
PPP- What’s the Latest?
On Saturday, March 6, 2021 SBA and Public Private Strategies Institute hosted a webinar on important changes to the Paycheck Protection Program, which aim to help America’s smallest businesses get the financial relief they need. Watch the recording.
American Rescue Plan – What’s Next?
There is so much inside the American Rescue Plan (ARP) for Small Businesses and other Federal & State support programs that the Small Business District Colorado (SBDC) has broken it down into updates by the program. Here’s the latest as of March 28, 2021.
New COVID-19 Applications For Small Biz
EIDL purpose is to meet financial obligations and operating expenses that could have been met had the COVID disaster not occurred. For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.
- Note: For loans approved prior to the week of April 6, 2021, see loan increases.
- Terms – 3.75% for businesses (fixed)
- 2.75% for nonprofits (fixed)
- 30 years – No pre-payment penalty or fees.
- View these FAQ’s for more details
EIDL Loan Eligibility: click here
Loan Details: click for more details
- What you need to know and do for an EIDL Loan:
- If you did not apply previously for an EIDL Loan you may apply now via this portal. This program is not run through local banks you will work directly with the US Treasury and SBA. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
- Loan Increases: If you wish to participate in the loan increase opportunities please note.
- Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021.
- Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
- If an applicant accepted a loan for less than the full amount originally offered, the applicant will have up to two years after the date of the loan promissory note to request to request additional funds.
- Loan Deferment Changes: This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021. More.
- Download this information and links in a PDF file here.
GRANT Portion Availability
- Targeted EIDL Advance Eligibility: click here
- Advance funds of up to $10,000 will be available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
- To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool is available at https://sbaeidl.policymap.com/app. The business address must be in a low-income community to qualify
- Applicants do not need to take any action SBA is reaching out to those who qualify.
- SBA Steps Occurring:
- 1) SBA first reached out to EIDL applicants who already received a partial EIDL Advance (between $1,000 – $9,000). Applicants are being contacted directly by SBA via email with instructions to determine eligibility and submit documentation.
- 2) All communication from SBA will be sent from an official government email account ending with @sba.gov. Please do not send sensitive information via email to any address that does not end with @sba.gov.
- 3) Next, SBA is reaching out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation.
- 4) For more information click here.
- Download this information and links in a PDF file here.
American Rescue Plan for Small Businesses
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services. NOW extended to May 31, 2021.
- Additional funds are allocated for the Shuttered Venue Operators Grant program (SVOG), and now allows businesses to apply for BOTH a PPP loan after Dec. 27, 2020 and the SVOG.
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.
- The National Restaurant Association hosted a webinar view here that discusses the Restaurant Revitalization Fund (RRF) which will feature $28.6 billion for restaurants with 20 or fewer locations, and will be administered by the U.S. Small Business Administration (SBA).