Summit County awarded nearly $600K for small business relief
Some Summit County businesses will be eligible for up to $7,000 in COVID-19 relief thanks to a new aid package from the state’s Department of Local Affairs.
In total, the county received $591,709, which it will share with local town governments to dole out to small businesses. The money is the result of the state Legislature’s decision to allocate $37 million in COVID-19 relief for small businesses during a special legislative session in early December.
The application for the grants opened Monday, Jan. 18, and are due by the end of the day Feb. 7, county Finance Director Marty Ferris said at a Summit Board of County Commissioners work session Tuesday, Jan. 19. Business owners can submit an application through their respective town governments or through the Summit County government for those in unincorporated areas.
Applicants will need to prove they meet the following eligibility requirements:
- Have had a minimum 20% revenue loss since March 26 due to restrictions imposed by state public health orders
- Be open currently within Summit County borders
- Have a valid business license and are in good standing
- Have verification of a Colorado Income Tax Account Number or Tax Exempt Certificate number
- Have an affirmation that the business owner intends to operate in the state for at least six months
- Have an affirmation that the business is in compliance with all public health orders
- Qualify as a small business by having at least one full-time employee or being a sole proprietorship
- Show annual receipts of less than $2.5 million from 2019 for small businesses that were operating before Jan. 1, 2020
- Show annual receipts of less than $2.5 million for small businesses that opened on or after Jan. 1, 2020
The funding is restricted to restaurants, movie theaters, gyms, recreation centers and bars, which includes wineries, breweries and distilleries. It’s not available to retail or lodging businesses.
“This was in response to some of the more harsh restrictions that were associated with those particular industries in the last go-around of when everybody moved to level red,” County Manager Scott Vargo said. “That was, from what I understand, why the state focused on those industries.”
Business owners can go to the following links to apply for the funding:
• Unincorporated Summit County: SummitCountyGrants.smapply.io
• Breckenridge: Breckenridge-tuition-assistance.fluidreview.com
Dillon and Silverthorne have not yet published applications. This story will be updated with links to those applications once they’re made available.
Vargo said the county received more funding than officials anticipated.
“We didn’t have a great sense going in,” he said. “There had been some estimates that were thrown around (that it would be) $300,000 that we would get as a county. We ended up being awarded the $591,000, so we were pleasantly surprised to see that number.”
The application allows for businesses to apply for various amounts based on revenue. Businesses with 2019 revenue receipts of less than $500,000 will be eligible for up to $3,500. Businesses with receipts of $500,000 to $999,999 will be eligible for $5,000, and those with receipts of $1 million to $2.5 million will be eligible for $7,000.
However, Vargo said how much businesses receive depends on the volume of applications.
Once the application period closes, county officials will get together with Breckenridge, Dillon, Frisco and Silverthorne government officials to determine how it will divvy up the pot of $591,709.
Vargo said any businesses that aren’t included in the list of eligible groups can look to their town governments for relief options. As of this month, businesses also can apply for funding from the second round of the federal Paycheck Protection Program, which includes $284 billion allocated nationwide.
“My advice to business owners is to keep their eyes open and be paying attention to all of the rapidly changing events and programs available,” Vargo said.
Vargo added that the ability to work with towns on programs like this has been beneficial throughout the pandemic. Town officials will be reviewing and vetting applications for businesses within their jurisdictions, which helps simplify the process, he said.
“It helps us absolutely from a resource and manpower standpoint,” he said. “The towns have a lot of resources and information available to them related to their businesses that the county simply doesn’t have.”
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