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Town of Breckenridge Dedicates $1 million to Breckenridge Small Business Rent Relief Program

Post Date:03/27/2020 3:40 PM

 

Town of Breckenridge Dedicates $1 million to Breckenridge Small Business Rent Relief Program

In the March 24 Town Council meeting, Council approved $1 million for the Small Business Relief Program.  Staff is working on the application and process details in order to get this program up and running by early next week.

The purpose of this program is to provide some immediate rent support for the Town’s entrepreneurial small businesses.  It is intended to be a bridge grant allowing the business tenant to get through the next 30 days while other relief options are pursued.  The ultimate goal of the program is to help keep small businesses in a position to re-open as soon as the COVID-19 crisis passes.

In order to qualify for the relief grant, the small business must:

  1. Currently be closed by Summit County Order and unable to operate the business from home (limited take-out and/or mail order are eligible).
  2. Have a physical location, separate from their residence, in the Town of Breckenridge with a monthly rent payment due to a landlord to whom they have no ownership interest.  If the tenant has multiple locations, only one of the locations will be considered for a grant.
  3. Be open all year to qualify (no seasonal businesses).
  4. Employ 16 or fewer FTEs based on the 2020 BOLT report.
  5. Provide evidence of your business's future sustainability, including but not limited to one of the items below.
    • Statement of reserve funds;
    • Application to refinance business operation;
    • SBA loan application in process;
    • Other state or federal program relief application;
    • Evidence of other funding; and/or Statement of other financial support initiatives.
  6. Demonstrate by a letter from the landlord that there will be a rent reduction, deferment or a combination for at least one month. The landlord must also agree not to evict the tenant for failure to pay rent for at least 60 additional days after receiving the grant for rent from the Town.

 The goal of the program is covering one month’s rent plus CAMs up to a cap of $4000 per application.  The application will require the tenant to provide: 

  • Business Name
  • BOLT License number
  • Business Physical Location
  • Square footage of the building or unit
  • Monthly rent rate
  • CAM (Common Area Maintenance)
  • Number of employees on March 1, 2020
  • Landlord Name, Phone number, Mailing address, Bank account information (for direct deposit)
  • Evidence meeting #5 above
  • Landlord letter to satisfy the requirement for #6 above

Town Planning staff is gearing up to be ready for an online application process starting early next week. Those applications meeting all the criteria and having a complete application will be prioritized. All funds will be distributed electronically to qualifying applicants’ landlord as a direct deposit. No checks can be issued.

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