County Introduces Small Business Relief Program to Offer More Financial Assistance During COVID-19
During the recent Colorado General Assembly Special Session, Senate Bill 20B-001 was passed establishing a Small Business Relief Program, valued at $37 million. As part of Adams County’s ongoing COVID-19 emergency response and recovery strategy, the county will be applying for, administering, and distributing a portion of these funds to the Adams County business community. Adams County will be administering the program on behalf of the entire county and all municipalities within the county.
The county’s Small Business Relief Program offers a one-time award in amounts of $3,500, $5,000, or $7,000 per business applicant based on company annual income. The application portal is now open, and applications will be accepted until noon on Wednesday, Feb. 3. Applicants will be notified of their awards around Thursday, Feb. 4, and money will be distributed the week of Monday, Feb. 8.
“Widespread vaccinations and continuing prevention measures like masks and social distancing give us hope the light at the end of the tunnel is approaching. But our local business owners still need additional help now until that time comes,” said Board of County Commissioners Chair Emma Pinter. “Our small businesses are the lifeblood of our community, and this is another way the county can offer financial assistance.”
To be eligible, businesses must meet the following criteria:
- Eligible businesses are restaurants (including hotel/restaurant combinations and food trucks), bars holding a liquor license, breweries, wineries, distilleries, caterers, movie theaters, and fitness and/or recreation centers.
- A small business is defined as having annual income of less than $2.5 million shown in the 2019 calendar year if operating then or shown in 2020, if business opened between Jan. 1, 2020, and March 26, 2020.
- Must show a 20% annual decrease in revenues due to COVID-19 restrictions if operating before Jan. 1, 2020 (not required if opened after Jan. 1, 2020). Must demonstrate impact from in-person capacity limits.
- Must have at least one employee, unless registered as a sole proprietor.
- Must be licensed with appropriate authority (state and/or municipality).
- Businesses cannot have been willingly out of compliance with Public Health Orders.
- Businesses must pledge in good faith to remain in operation for the next six months after receiving an award.
- All businesses must receive a 1099 for grant amount.
- Applicants cannot be applying for or receiving a grant from the COVID Arts Relief Program (section 24-48.5-316 of SB20-001).
- Fund amounts are based on company annual income:
- Less than $500,000 = $3,500
- $500,000 - $1 million = $5,000
- $1 million - $2.5 million = $7,000
- Regulations established for eligibility under SB 20B-001 are available online.
For more information on this program, contact EconomicDevelopment@adcogov.org. There is more assistance for small businesses in Adams County through our Small Business Stabilization program. Visit adcogov.org/sbsp to learn more and to apply.