Montrose, CO — The City of Montrose's Office of Business and Tourism is contacting local business owners in the community to inform them of recent state legislation that could provide them with much-needed financial assistance to help relieve the financial strain for businesses that have been particularly hard-hit during the on-going COVID-19 pandemic.
Colorado House Bill 20B-1004 allows bars, restaurants, and mobile food vending businesses that have been impacted by public health measures imposed during the COVID-19 pandemic to retain up to $2,000 of state sales tax collected from November 2020 through March 2021.
While details for implementation of the legislation are still being developed by the state, today the city will begin sending out materials to inform local businesses. City leaders are grateful to local business owners for their cooperation with measures that have been taken to protect public health.
Please note that the legislation does not apply to sales taxes collected for the City of Montrose. Montrose businesses should continue to collect and remit city sales tax according to the normal process.
City administration is also pleased to announce that small business emergency loans, administered by the city to help local businesses during the COVID pandemic, have been converted into grants. The city was recently notified that CARES Act funding administered by the city could be used to fund the loan program. As a result, the city will no longer require businesses to repay the initial loan amounts. Those businesses that have already repaid their loans will be issued refunds.
To date, the city has provided about $100,400 in local grant assistance to businesses in Montrose. More information about the loan forgiveness arrangement will be published when it becomes available.
The city appreciates the important role that businesses have in our community and recognizes the significant challenges that many, especially those in the food and beverage industry, are experiencing during the pandemic.
For questions regarding sales tax collection information, contact Becky Scriffiny at firstname.lastname@example.org.
Questions regarding the city’s small business grant program can be sent to City Manager Bill Bell at email@example.com and Grant Coordinator Kendall Cramer at firstname.lastname@example.org.
Additional information specific to Montrose businesses is available at CityofMontrose.org/COVID19.