Small Business Relief Program

Governor Jared Polis signed into law SB20B-001 on Monday, December 7, 2020. The bill provides $37 million in direct aid, grants, and annual fee waivers to struggling small businesses and also creates grant programs and allocates funds specifically for art and cultural organizations as well as minority-owned businesses.

This grant program is specifically available for the following business sectors to apply:

- Restaurants

- Bars

- Caterers

- Movie Theaters

- Fitness & Recreation

- Sports Centers

For more information about this program visit the following link:

https://drive.google.com/file/d/1gLwyFT0pqDfwvjuX9APlCjhiIWO9ifBt/view

Requirements for a small business to receive funds from the SBR:

- Minimum 20% revenue loss (compared against 2019 receipts) OR is a business opened between Jan. 1 and March 26, 2020

- Currently operating within a county that has opted into the SBR program

- Commitment to operate for the next six months by self-affirmation

- Valid business license and in good standing with issuing agency or a Certificate of Good Standing

- Cannot also receive funding from "Arts Relief Program" or the "Minority Owned Business Relief Program" (also established in SB20B-001)

- Qualifies as a "Small Business" by meeting the following criteria in the bill:

     - Headquartered and operating in Colorado

     - Minimum of one full time employee or a sole proprietorship

     - Less than $2.5 million in annual revenue/receipts

If your business is voluntarily temporarily closed and affirms that you intend to continue ongoing operations for at least six months you will be eligible.  Permanently closed businesses with no intention to reopen are not eligible.

The legislation creating the program sets forth tiered relief payment caps, based on the business' receipts (sales or revenue) from 2019, in the following fashion.  However, these tiers may be formulaically adjusted downward based on total dollars allocated to each eligible entity:

- Receipts less than $500,000 = $3500 maximum payment

- Receipts greater than $500,000 but less than $1 million = $5000 maximum payment

- Receipts greater than $1 million but less than $2.5 million = $7,000 maximum payment

Businesses awarded funding will receive funds by February 12, 2021

For assistance with this grant application, or with any questions, please contact Sammie George at the Bent County Development Foundation.

719-456-0452

sammie.george@bentcounty.org

www.bentcounty.org