Fountain encourages more businesses to apply for grant
Last updated 7/2/2020 at 10:14am
As of noon Monday, the city had received 25 applications for its COVID-19 Business Impact Assistance Program that could provide Fountain businesses up to $15,000, depending on certain criteria.
The next group of applications won't be reviewed until Friday, July 10, due to the July 4 holiday.
The first round of applications was reviewed on June 12. A committee from the Economic Development Commission is making decisions on those. The first grant recipients should receive money this week.
"We expect grant funds to be paid to the first round of awardees this week, totaling approximately $100,000," said Lexi Lee, city of Fountain executive assistant.
The number of applications received so far is relatively small. If the city awarded the total $1.4 million with the maximum allowable $15,000 per business, it could provide grants to about 93 businesses. There are roughly twice that many small businesses in the city.
"We highly encourage more and more businesses to take advantage of this grant funding," Economic Development Director Kimberly Bailey said.
There is still plenty of time for Fountain businesses to apply. The grant will continue to be available until the allotted funds are exhausted, or September - the current cut-off for CARES funds disbursements, unless that is extended.
Grants will be awarded as long as funds are available, with priority given to those who didn't have the option to work from home; those whose owners are Fountain residents; non-franchise businesses; etc.
Other businesses and franchises operating in Fountain may qualify but would have lower priority.
Businesses are be eligible for the grants if they had 20 or fewer employees on March 10 (the date of the governor's disaster declaration). The program caps distributions at $3,000 per employee with a maximum of $15,000 per business.
According to the program, "the program is open to small businesses and restaurants with a brick-and-mortar presence within the city's boundaries, including locally-owned franchises, that can document negative financial impacts resulting from COVID-19 such as increased costs, reduced revenues, reduced operating hours, employee layoffs/furloughs/pay cuts, etc. Home-based businesses are not eligible for the program."
Full details and applications are available near the top of the city's homepage, http://www.fountaincolorado.org, under "Business Impact Assistance Program Application."