A $500,000 rent relief fund has been established by the City of Loveland Economic Development Department to provide pandemic-related rent and mortgage aid to an estimated 100 businesses in Loveland.
The City of Loveland’s economic recovery efforts were developed with careful consultation among local businesses coping with the economic impact of the COVID-19 pandemic. Additionally, the Loveland Business Rent and Mortgage Relief Program (LBRMP) will provide rent payments to landlords or lenders in the case of an owner occupying a property.
Awards will not exceed $7,500 and will be based on the monthly lease or mortgage amount as well as the methods businesses use to re-invest the aid. Furthermore, awards through the program will be based on the impact of COVID-19, business impact on the community, and business viability for the upcoming year.
Eligibility requirements for businesses are as follows::
- Be registered Colorado small businesses or sole proprietorships, including LLCs, S-Corps, independently owned franchises, and other business types;
- Demonstrate economic hardship caused by the COVID-19 pandemic;
- Operate within Loveland’s city limits;
- Have 100 or fewer full-time equivalent (FTE) employees;
- Be current on all payments to the City of Loveland, including but not limited to sales tax, lodging tax, and water and electric utility payments.
- Not have received rental assistance through the separate Loveland Downtown Development Authority rent aid program.
Documents that are required to be submitted with applications are as follows:
- Copy of current rental/lease agreement
- Copy of most recent lease/rental payment
- Quarterly tax filings for Q1 and Q2 of 2019
- Quarterly tax filings for Q1 and Q2 of 2020
- Cash-Flow Projections for 2020-21 could strengthen an application but are not required.
Applications are being accepted online beginning Tuesday, September 15, 2020.
For more information regarding the rent relief fund or to apply, visit: www.lovelandeconomicdevelopment.org/loveland-business-rent-and-mortgage-relief-program/