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

At the April 10th Town Council meeting, the Council approved expanded the eligibility requirements for the Small Business Relief Program. Applications can begin immediately.

Post Date:04/14/2020 11:54 AM

 For Immediate Release:                                                                                                                              

April 14, 2020

Contact:      

Haley Littleton, Communications and Marketing Coordinator

970-547-3144, haleyl@townofbreckenridge.com

 

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

At the April 10th Town Council meeting, the Council approved expanded the eligibility requirements for the Small Business Relief Program.  Applications can begin immediately.

 

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 small business owners 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 (Expanded areas of eligibility are highlighted in Bold):

  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. The business must have a physical location in the Town of Breckenridge with a monthly rent payment due to a landlord or own your business location.  If you own multiple businesses, only one business, at one location, is eligible for this grant. Rent will be paid up to $4,000.  Any qualifying business owner that also owns their building or unit will receive $2.58 per square foot up to $4,000 (amount based on the average grant awards from Round 1).
  3. Be open all year to qualify (no seasonal businesses).
  4. Ownership entity Employs 35 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 (Federal Payroll Protection Program through the CARES Act are not eligible for the Town Rent Relief program);
    • Other state or federal program relief application;
    • Evidence of additional 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. Owner-occupied businesses will need to provide documentation of owning the business and the real estate.
  7. Businesses that have applied for the Federal Payroll Protection Program authorized under the CARES Act are not eligible for the Breckenridge Rent Relief Program. (Rent and mortgage relief is included with the Payroll Protection Program already)

 

 The goal of the program is covering one month's rent, or offset mortgage expenses, 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 or property owner: Name, Phone number, Mailing address, Bank account information (for direct deposit)
  • Evidence meeting #5 above
  • Landlord or property owner letter to satisfy the requirement for #6 above

 

The online application process is open and accepting applications. 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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