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Posted on: April 24, 2020

City of Aspen Now Accepting Applications for Rent Grant Program

 

Press Release


City of Aspen Now Accepting Applications for Rent Grant Program

 

Contact: Mitch Osur, Director of Parking and Downtown Services, 970-429-1766 or mitch.osur@cityofaspen.com

 

 

ASPEN, CO. – April 24, 2020 – Today, applications have opened for small businesses to apply for a rent grant program that will offer up to $14,000 in rent relief for eligible applicants. The program is set up to evaluate each application in the order that they are received. The application is available at www.cityofaspen.com/covidbusiness.  The deadline to apply is May 1 at 5 p.m.

Aspen City Council has allocated up to $1 million for this program. These funds are part of a larger program City Council approved in April 2020 to stimulate the economy and address COVID-19 recovery efforts. Council allocated more than $6 million to the program. You can read the resolution and goals here. This Small Business Rent Relief Grant Program is a component of Council’s plan that fulfills some of the goals of outcome number four which is to, “Proactively and swiftly work to minimize further economic disruption and actively encourage its recovery.”

Facts about the rent grant program administration are below:

What is included in the program?
This grant program provides rent relief for small businesses. Each grant offers rent relief is equal to one-third the monthly rent for up to three months, not to exceed a maximum award of $14,000.

Who is eligible for the program?
To qualify, a business must meet the below requirements:
a. Be currently closed by the Pitkin County Public Health Order or forced to dramatically limit operations and be unable to operate remotely. Businesses offering take away food are eligible, as well as businesses that deliver goods or products.
b. Have 35 or fewer full time equivalent (FTE) employees.
c. Have a physical location in the City of Aspen.
d. Possess a current City of Aspen business license.
e. Have a rent payment for the time period of April 1, 2020-July 1, 2020 due to a landlord to whom the business has no ownership interest.
f. Be current on all payments to the City of Aspen, including, but not limited to the filing and remittance of a business license, sales/lodging taxes, water utility payments, and electric utility payments.
g. Was open for business in Aspen on March 1, 2020; and have been in business for the 2019-20 winter season. Startup businesses in recent months will be considered on a case-by-case-basis.
h. Be open at least 32 weeks a year.

Any business which is deemed a Formula Business, as defined in Sec. 26.104.110 ©, Definitions – Formula Use, of the City of Aspen Land Use Code, shall not qualify for this program. Further businesses that are traditionally office in nature, such as accounting, law firms, property management, real estate professionals, etc. do not qualify.

How to Apply?

A business needs to complete the application. Information and documents listed below must be submitted in the application.
a. Paycheck Protection Program (PPP) details, such as status of application (in process, approved or declined) and the dollar amount requested and awarded), or evidence that PPP applications are no longer being accepted.
b. List of current business owners.
c. Copy of current lease.
d. Date business was established and a current certificate of good standing from the Colorado Secretary of State.
f. Most recent business Federal Income Tax Return (Income Statement, balance sheet and cash flow report).
g. A letter from your landlord stating there will be an aggregate (including CAM charges) rent reduction (not deferral) for at least three months equivalent to a minimum of one-third of the monthly rent, and waiving any future claims of a lease violation for the reduction of rent and CAM for the grant period. Financial kickbacks to the landlord or additional fees imposed by the landlord to the tenant will prevent the loan application from being approved.

Who will make the payments?
The City will make payments directly to landlords on behalf of the tenant.

More information at www.cityofaspen.com/covidbusiness


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