Small Business Relief Program
The Legislature in a Special Session at the end of 2020, created a small business relief program to address the negative effects of capacity limits due to the coronavirus pandemic. Glenwood Springs has submitted an application to the Department of Local Affairs (DOLA) for the program. The City, if awarded, will consider applications from eligible small businesses for relief based on need and loss of revenue.
Senate Bill 20B-001:
- Requires eligible governments to distribute relief payments as soon as practicable after receiving the money from DOLA but no later than Feb. 12, 2021
- Establishes limits to the grant payments based on business receipts in the 2019 calendar year
Any corporation, LLC, partnership or sole proprietorship (nonprofits are not eligible) that fits into the following types of businesses are eligible for relief payments, per DOLA regulations:
● Bars (includes establishments like a Winery, Brewery, Distillery, etc.)
● Movie Theatres
● Gyms & Recreation Centers
● Minimum 20% revenue loss (compared against 2019 receipts) OR is a business opened between Jan. 1 and March 26, 2020
● Currently operating within the eligible geography
● 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:
o Headquartered and operating in Colorado
o Minimum of one full time employee or a sole proprietorship
o Less than $2.5 million in annual revenue/receipts
Businesses must provide the following:
● Evidence that the business is headquartered in and doing business in Colorado within the appropriate local government area. (Download your business license here)
● NAICS code indicating an eligible industry.
● Affirmation of an intent to continue operations within the state for at least the next six months.
● Evidence of at least a 20% reduction in revenue since March 26, 2020 due to restrictions. This is not required for businesses that began operations between January 1, 2020 and March 26, 2020.
● Valid business license in good standing (ex. Certificate of Good Standing from the Secretary of State).
● Affirmation that the business has received no other funds from this special legislation (arts or minority business programs).
● Affirmation that the business is in compliance with all public health orders.
● Evidence that the business is either a sole proprietorship or has at least one full time employee.
● Evidence that the business had less than $2.5 million in sales in 2019. Businesses that started operations between January 1, 2020 and March 26, 2020 should provide evidence that calendar year 2020 sales are less than $2.5 million.
The City of Glenwood Springs has applied to the State but has not yet received approval or notification of funding for this program. If the State does not accept the City’s application for the program, the program will be closed without funding and applicants will be notified. Submission of this application does not guarantee that you will receive funding.
Should applicant’s business be granted an award, there may be tax implications to accepting this grant.
The applicant shall ensure that any State funds received under this program do not pay for any resources paid for by CARES Act funding.
If applicant’s business is no longer complying with local or State public health orders, the business may be required to return any funds received under this program.
Due to the need for government transparency, the applicant’s name, business name, and amount of award may become public record.
By entering the date and time and submitting this application, you certify that this application truthfully and accurately represents your request and is hereby submitted for review. You also certify that you have read and understood the above statements.