Updated February 5, 2021 at 12:15pm
Originally posted January 20, 2021 at 4:11pm
Colorado Small Business Relief Program Administered by the Town of Frisco
In December during a Colorado General Assembly Special Session, Senate Bill 20B-001 was passed establishing the Colorado Small Business Relief Program, funded with $37 million. Local governments, like Summit County, were able to apply for program funds to be allocated based on population. Subsequently, on Friday, January 15, 2021, Summit County was awarded $591,709 in Small Business Relief by the State of Colorado after partnering with the towns of Breckenridge, Dillon, Frisco, and Silverthorne to apply for this funding and to manage the application and fund distribution process. Hence, each town and Summit County are providing their own application process for the businesses located in their town or county boundaries.
This program is targeted at those local businesses struggling with the impacts of the COVID-19 pandemic and State mandated severe capacity restrictions.
Who is eligible?
Businesses which have already received a Town of Frisco general or innovation grant this spring or winter are eligible.
Industries eligible to apply for this grant per the State of Colorado grant guidelines: restaurants, bars (includes establishments like a winery, brewery, or distillery), caterers, movie theaters, or gyms/recreational sports centers/fitness providers.
Businesses are eligible to apply if they have had a decrease in gross sales or revenue of 20% or greater between March 26, 2020 to December 31, 2020 as compared to March 26, 2019 to December 31, 2019 or first opened for business between January 1, 2020 and March 26, 2020.
There are also other eligibility requirements from the State of Colorado, which are part of the first part of the application process, but the industry type and revenue loss are particularly important to understand before taking on the application process, which has been kept as simple as possible.
The Colorado Small Business Relief Program offers a one-time award in amounts of:
- Up to $3,500 per business for businesses with $500,000 or less in gross revenue in 2019
- Up to $5,000 per business for businesses with gross revenue greater than $500,000 but less than $1 million in 2019
- Up to $7,000 per business for businesses with gross revenue greater than $1 million but less than $2.5 million in 2019
- For a business that began operating on or after January 1, 2020 or on or before March 26, 2020, eligibility and grant amounts will be based on gross revenue for 2020
Grant amounts are dependent on the amount of funding available in all of Summit County and may vary based on the number of grant requests.
Grants may be taxable. Please consult with your tax advisor/accountant for more information.
Applications are due Sunday, February 7, 2021 at 11:59pm.
This grant is funded by the State of Colorado with a $591,709 grant to be divided between all eligible businesses in Summit County. Each town and the County are charged with administering this grant for businesses in their jurisdictions and will be submitting information about all of the eligible businesses to Summit County on Monday, February 8 (grant deadline is February 7), and then funding for each individual business will be considered based on available funds. It could take up to a week to determine final funding amounts, and the Town will then distribute the funds.Apply Now for the Frisco/Colorado Small Business Relief Grant Program
If you have questions, please email COVID19BusinessGrant@townoffrisco.com.