Colorado - WED. 03/25/20 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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CONGRESS AGREES ON $2 TRILLION STIMULUS PACKAGE
 
 
 

After a day of marathon negotiations, members of both parties in the Senate and representatives of the White House reached an agreement on a $2 trillion stimulus measure which is expected to be enacted within a day or so. The broad-based legislation, labeled as a "wartime level of investment" by Senate Majority Leader Mitch McConnell (R-Ky.) will provide direct financial checks to many Americans, drastically expand unemployment insurance, offer hundreds in billions in loans to both small and large businesses, and provide health care providers with additional resources as the virus spreads.

 
- Wall Street Journal, 03.25.20
 
MARKETS SURGE, DOW HAS BIGGEST ONE-DAY ADVANCE SINCE 1933
 
 
 

The Dow Jones Industrial Average exploded upward Tuesday, surging more than 11 percent, its biggest one-day gain since 1933, with the increase fueled by signs that lawmakers were nearing a deal on a giant stimulus package to ease the economic impact from the coronavirus pandemic. The Dow advanced almost 2113 points to close at 20704.91. It was the biggest one-day percentage gain for the blue-chip index in almost 90 years and its increase in points was the largest ever.

 
- Wall Street Journal, 03.25.20
 
IOC, JAPAN AGREE TO POSTPONE 2020 SUMMER OLYMPICS
 
 
 

Japanese Prime Minister Shizo Abe Tuesday announced that the International Olympic Committee has postponed the Summer Olympic Games in Tokyo, scheduled to begin in late July, until the summer of 2021. The decision came after months of discussions and pressure from athletes and nations around the world. The exact date and details of the 2021 event have not yet been determined.

 
- New York Times, 03.24.20
 
GARFIELD COUNTY PROVIDES $100,000 IN FUNDING FOR LIFT-UP
 
 
 

The Garfield County commissioners Monday provided a $100,000 emergency food assistance grant to LIFT-UP to ensure there is food available for those in need in the county. Last year, LIFT-UP served 625 families per month on average, but with the new grant, LIFT-UP officials anticipate being able to serve 700 families per week. LIFT-UP will begin distributing the meals two days per week in most cities and towns in Garfield County, and once per week in Parachute.

 
- GS Post-Independent, 03.24.20
 
GEARING UP TO GO TO SCHOOL AT HOME
 
 
 

All schools across the Grand Valley have shifted to online courses until April 17 and Tuesday, District 1 schools organized to hand out Chromebooks, as well as other supplies, to students and parents at drive-by locations at local schools. Email communication will be the primary form of communication between schools and students. For students who may not have access to WiFi, Charter Spectrum is offering temporary free internet service for all new customers.

 
- GJ Daily Sentinel, 03.24.20
 
DURANGO ISSUES STAY-AT-HOME ADVISORY
 
 
 

The city of Durango Tuesday issued a stay-at-home advisory in an effort to mitigate the spread of COVID-19. The advisory adopted by the city of Durango is the same as the health advisory recently issued by San Juan Basin Public Health. Health officials believe the best way to control the virus is to limit activity at non-essential businesses and to require people to confine themselves at home, according to the city’s advisory. The health advisory means compliance is voluntary. The measure will remain in place until further notice.

 
- Durango Herald, 03.25.20
 
DISH, DIRECTV MOVE TO ADD DENVER AFFILIATES FOR SUBSCRIBERS
 
 
 

The La Plata County subscribers of the DISH Network, who have the local package, now have the Denver affiliates for ABC (KMGH) and FOX (KDVR). For La Plata County subscribers to DirecTV, the Denver ABC station will soon be available, according to a press release Tuesday from U.S. Sen. Michael Bennet, D-Colo. The availability is especially timely with proclamations and updated information about the COVID-19 pandemic being issued by Gov. Jared Polis and the Colorado Dept. of Public Health and Environment.

 
- Durango Herald, 03.25.20
 
EAGLE COUNTY ALLOCATES $1.15 MILLION FOR RELIEF ASSISTANCE
 
 
 

The Eagle County commissioners Tuesday approved the allocation of $1.15 million for COVID-19 response and recovery. Within the allocation, there is $250,000 to be directed to nonprofit assistance agencies, such as Salvation Army, LIFT-UP, and others. Up to $500,000 will go to the Eagle County Emergency Operations Center. Another $400,000 will provide for services from Eagle County Human Services for assistance to residents for rent or mortgage payments, utility services, emergency food supplies and other direct assistance. For Eagle County residents who have been financially impacted by COVID-19, there is an online form available to apply for aid at eaglecounty.us/covid19help.

 
- www.vaildaily.com, 03.25.20
 
ROUTT COUNTY SETS LIMITS ON SHOPPING, GATHERING, LODGING
 
 
 

The Routt County commissioners Tuesday, acting as the Board of Health, instituted orders limiting gatherings to only five people, unless the people are part of the same household, and when in groups, people must be six feet from each other. Lodging companies, including hotels, motels, short-term rentals and campgrounds, will not be allowed to accept any new reservations. Reservations beginning on or after 8 a.m. Friday, March 27, will be canceled. People may still shop at businesses that are open, but there may be only one customer per 1,000 square feet in the store at one time. Smaller businesses may have only five customers in the store at a time.

 
- Steamboat Today, 03.25.20
 
FEDERAL CORONAVIRUS SMALL BUSINESS ASSISTANCE
 
 
 

As part of its disaster assistance program, the Small Business Administration is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus:

  • These loans carry an interest rate of 3.75 percent for small businesses and 2.75 percent for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years
  • Businesses in every state can apply
  • You can apply online: https://disasterloan.sba.gov/ela/
  • Select "Economic Injury" as the reason you are seeking assistance
 
- Forbes.com, 03.20.20
 
SUMMARY OF TREASURY DEPT. AND IRS FILING & PAYMENT RELIEF
 
 
 

With the Treasury Department and IRS issuing Notice 2020-18, here is a summary of guidance on both filing and payment relief:

  • The Notice postpones both the filing and payment deadline to July 15, 2020, for income tax returns and income tax payments normally due April 15, 2020, without penalties or interest. If you need more time, individuals can request an extension to October 15 by filing Form 4868.
  • Quarterly estimated income tax payments normally due April 15th are also postponed to July 15, 2020.
  • The relief provisions only apply to income tax returns and income tax payments (including self-employment taxes). Other information return filings and payments for payroll taxes, state and local sales taxes, property taxes, and other taxes are not covered under Notice 2020-18.
  • The IRS and Treasury Department have set up COVID-19 tax relief and guidance information online at, IRS.gov/coronavirus and treasury.gov/coronavirus.
 
- Dalby, Wendland & Co., P.C., www.dalbycpa.com
 
NEW DRIVE-THROUGH FORMAT ANNOUNCED AT LIFT-UP FOOD PANTRIES
 
 
 

LIFT-UP Thrift Stores will remain closed through the end of April so staff can assist with food distribution. The Extended Table soup kitchens are functioning for grab-n-go bagged meal distribution.

  • Rifle: 5 – 6 p.m. on Tuesday and Thursday at the Rifle United Methodist Presbyterian Church located in the Lovell Building at 200 E. 4th St.
  • Glenwood Springs: 5- 6 p.m. Monday through Friday (through March 31) - First United Methodist Church at 824 Cooper Ave.

LIFT-UP Food Pantries have been converted to a drive-through format in key locations throughout the valley. Those in need are encouraged to stop by where they will be provided with a pre-packed emergency food bag. Please visit the website www.liftup.org or the LIFT-UP Facebook page for ongoing updates. Financial donations are needed and can be made on the website as well.

 
- LIFT-UP
 
MONTROSE COMMUNITY FOUNDATION CREATES COVID-19 EMERGENCY RELIEF FUND
 
 
 

The Montrose Community Foundation created the Montrose Emergency Relief Fund in response to the COVID-19 protective measures. The fund will provide flexible resources to organizations in the greater Montrose County area working with communities that are disproportionately impacted by COVID-19. MCF is currently accepting financial contributions at montrosecf.org. All donations are considered a charitable contribution and there are no administrative fees to manage this fund. One hundred percent (100%) of funds received will be distributed directly into the community. Checks should be made out to Montrose Community Foundation, PO Box 3020, Montrose, Colorado 81402. Call 970-249-3900 with questions. On March 30, the grant application will be available on www.MontroseCF.org. Nonprofit organizations and other groups that might be eligible can apply for a grant at this time. For more information please email grants.montrosecf@gmail.com.

 
- Montrose Emergency Relief Fund
 
COMMUNITY FOUNDATION AND UNITED WAY SUPPORT COMMUNITY EMERGENCY RELIEF FUND IN DURANGO
 
 
 

The Community Foundation serving Southwest Colorado and the United Way of Southwest Colorado have partnered to support the Community Emergency Relief Fund. The objective is to provide leadership and collaborative funding to support those who face the greatest need. This effort will provide funding to local nonprofit organizations that work with people disproportionately affected by the consequences of COVID-19. Recipients include human service organizations that address food insecurity, especially for youth and older adults, rent and mortgage assistance, utilities, and behavioral health. To seed the fund, the Community Foundation and the United Way are each contributing $25,000. To donate to the Community Emergency Relief Fund visit www.coloradogives.org/cerf or send a check payable to the Community Foundation with CERF in the memo line to P.O. Box 1673, Durango, CO 81302. You can also text “credit’ to 40403 to pay with your phone. Learn more at the link below.

 
- Community Foundation
 
PLEASE HELP ALPINE BANK SUPPORT STUDENTS FACING UNEXPECTED HARDSHIPS
 
 
 

Fort Lewis College in Durango is committed to helping our enrolled students reach their full potential and persist in school through graduation. As necessary precautions are being taken at the College in response to the coronavirus, many students are suddenly facing a different set of challenges, including the inability to secure housing, afford basic needs, find access to resources for online learning, and more. A gift made to the Skyhawk Emergency Fund & Persistence Grants will provide support to help students address these needs. The Alpine Bank FLC Forever Loyalty Card and a generous anonymous donor will match every gift to this important fund with two dollars for every dollar, up to $10,000. To learn more about how you can help, visit the link below.

 
- Skyhawk Emergency Fund
 
ALPINE BANK BRANCH STATUS UPDATE
 
 
 

Alpine Bank has reduced our in-lobby availability due to coronavirus concerns. Our lobbies across the state will be available on an appointment only basis until further notice. But drive up, walk up, night drop and ATM services are still available at the branches where these service were previously. The appointment only status is in response to many local and state agencies. For appointment phone number and the most up-to-date information on the branch closest to you, click on the link below. Several digital banking options are available - online banking, mobile banking, Alpine Info Line (888-4ALPINE), Online Chat and calling customer service/Internet banking support (800-551-6098).

 
- Alpine Bank
 
 
 
MARKET UPDATE - 03/24/2020 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
20704.91
 
+2112.98
 
S&P 500
 
2447.33
 
+209.93
 
NASDAQ
 
7417.86
 
+557.18
 
10-year Treasury yield
 
0.73
 
+0.07
 
Gold (CME)
 
1660.20
 
+93.20
 
Silver (CME)
 
14.22
 
+1.00
 
Oil (NY Merc)
 
24.01
 
+0.65
 
Natural Gas ($/MMBtu)
 
1.65
 
+0.05
 
Cattle (CME)
 
101.50
 
+4.50
 
Prime Rate
 
3.25
 
NC
 
Euro (per U.S. dollar)
 
0.92
 
-0.01
 
Canadian dollar (per U.S. dollar)
 
1.44
 
-0.01
 
Mexican peso (per U.S. dollar)
 
24.84
 
-0.51
 
30-year fixed mortgage rate (Freddie Mac 03/19/2020)
 
3.65
 
+0.29
 
*Not FDIC insured. May lose value. Not guaranteed by the bank.
 
 
 
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Alpine Bank is an employee-owned Colorado company chartered in 1973. With 40 locations across Colorado, Alpine Bank offers a full suite of banking services.
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