In its ongoing efforts to support businesses and residents during the pandemic, the City of Aurora government announced a multi-faceted financial relief package of $3 Million.
Unveiled during a Finance Committee meeting, the proposal for small businesses, which is in addition to the nearly $1 Million already provided to local businesses through the City’s STABLE Fund approved last year, includes $2.5 Million in new relief initiatives for small businesses upon the City Council’s approval of the three-pronged package:
• The Coronavirus Emergency Relief Fund (CERF) is a $1.2 Million grant program available to small businesses in Aurora. With a streamlined and direct application and review process, qualified small businesses can apply for a one-time grant of up to $15,000 to help revive business continuity, retain employees, and re-engage customers and clients.
• The Food and Beverage Sale Tax Rebate program will allow restaurants and bars to forego paying the City sales taxes for 90 days from March through May. By statute, businesses must still collect taxes from patrons, but will not have to remit them to the City and may instead use them as a revenue source for business stabilization. The valuation of the rebate program is just more than $1 Million.
• The Liquor License Fee Waiver plan will allow 124 businesses with on-site liquor consumption to forego the annual liquor license renewal fee for 2021-2022. At a savings of up to $2,070 per business, the initiative’s total valuation is approximately $250,000.
While the CERF grant program requires businesses to complete an application, the latter two relief plans will be automatically enacted upon approval of the City Council.
“Our businesses have suffered severely during the pandemic, and we must continue to do all we can to respond to the ongoing financial hardships,” said Aurora mayor Richard C. Irvin. “We can see the light at the end of the tunnel, but there’s still a long way to some sense of (normality). Through these comprehensive financial relief efforts, we are extending our commitment to helping businesses keep their doors open, and families keep a roof over their head.”
To offer additional financial support for residents, the City will seek approval for the Residential Rental Relief program that will provide rental assistance in the form of grants paid directly to landlords. Although the complete details will be announced in the coming weeks, the City announced $500 thousand has already been earmarked for the proposed program, and that amount could increase based on demand.
The Finance Committee unanimously green-lighted the three-pronged small business relief package to move forward in the Aurora City Council approval process.
— City of Aurora government