COVID-19 Lakewood Business Relief and Recovery Grant Program
The City of Lakewood has created a recovery grant program to provide financial assistance to qualifying small businesses that have been directly affected by the COVID-19 pandemic. The program will disperse $3,000,000 in total grant awards.
Eligible Business Criteria
A business may apply for the grant program if they meet the following:
- The business has a physical Lakewood address where it primarily conducts business.
- If awarded a grant, I affirm that we intend our business to be solvent and in operation for at least 90 days from the date of grant award.
- No post office box, private mail box at a mailing service center/store, or a virtual mailbox will be accepted as a physical address.
- The business is located within the City of Lakewood’s non-residential zone districts.
- Home-based businesses with more than $75,000 in verified 2019 revenues are also eligible.
- The business has an active Lakewood business sales tax and/or use tax license, if applicable.
- The business is registered and in good standing with the Colorado Secretary of State and their register agent must be a resident of Colorado. Non-Colorado businesses are ineligible.
- The business is in good standing with any City permits, licenses, fees and taxes as of February 29th, 2020.
- The business has been in operation on or before Jan. 1, 2020 for random drawing grants.
- The business has been in operation on or before Jan. 1, 2019 for large qualifying grants.
- The business does not have more than 25 employees; this could be Full Time Employees (FTE) or full-time equivalents as of February 29th, 2020. (For purposes of estimating FTEs (full time employees), the FTE count shall be based only on the specific location applying for the program.)
- The business can provide proof of ongoing business operations between May 15th and June 15th, 2020.
- The business has been forced to temporarily close or forced to dramatically limit operations due to the Public Health Orders related to the COVID-19 public health crisis and resulted in lost revenue.
- Businesses with more than one physical location in the City of Lakewood may apply for the program for one location only.
- Corporately-owned national chains may not apply for the program; however, locally owned franchise owners/operators are allowed to apply.
- Non-profit 501(c)3 organizations, marijuana businesses, residential living facilities, government organizations and political organizations.
- City of Lakewood elected officials, employees, their spouses and immediate families are not eligible to receive these funds.
All elements of the grant application must be completed online with required attachments. Incomplete applications or applications without required attachments will not be eligible.
How it works:
The City will award a total of $3,000,000 in grant awards.
- $2,000,000 in one-time individual qualifying large grants of up to $30,000 per awardee for organizations in operation since Jan 1, 2019.
- $1,000,000 in one-time $3,000 random drawing grants for eligible applicants in operation since Jan 1, 2020.
All applications which meet eligibility requirements will be assessed for a qualifying large grant using the weighted rubric below. Highest scoring applicants will receive grants until the $2,000,000 fund runs out. Applicants can only be awarded one grant. Companies will only be identified by a computer-generated application number during the assessment. Applications will only be assessed by the self-reported information within the rubric and is subject to additional verification.
The recovery program will be funded by federal CARES Act dollars and no City of Lakewood General Fund nor Economic Development Fund will be utilized for this program.
The amount of the qualifying large grants will be calculated by:
- Business’ 2019 annual revenues are divided by 6 to get 2 month expected revenues.
- Business’s actual revenues for March and April 2020 are subtracted from the 2 month expected revenues.
- This difference is the loss amount for March and April 2020.
- Grant will provide 100% of loss up to $30,000.
No business will receive more than a $30,000 grant. Businesses with a loss of less than $5,000 will not be considered for the qualifying large grant. Eligible applicants not receiving a qualifying large grant will be entered into the process for the random drawing grant program.
How to apply:
To submit an application, complete the online COVID-19 Business Relief and Recovery Grant Program form, along with a completed copy of your IRS W9 Form and proof of continued operations ie: copy of rent, mortgage, payroll, or utility receipt and receipts for COVID-19 related expenses. All applications must be completed online starting at 9:00am MDT June 16th, 2020 and submitted on or before 11:59pm MDT June 18th, 2020. Only complete applications will be considered and grant awards will be subject to funding availability. Each applicant must agree to be bound by the eligibility requirement and application processes of the grant program.
When to apply:
Application Period - All applications must be completed online starting at 9:00am MDT June 16th, 2020 and submitted on or before 11:59pm MDT June 18th, 2020.
You may download a preview application to prepare for your online submittal during the application period.
Download a PREVIEW APPLICATION in English(PDF, 126KB) Download PROGRAM INFORMATION in English(PDF, 157KB)
Download a PREVIEW APPLICATION in Spanish Download PROGRAM INFORMATION in Spanish(PDF, 207KB)
What to expect after application has been submitted:
Once an application has been submitted, the applicant will receive a confirmation email of their submission. All applications will be reviewed for eligibility. If incorrect, misleading, fraudulent, or incomplete information is submitted on the grant application, application will be deemed ineligible. Grant awards will be determined at the discretion of the City of Lakewood based on the responses provided in the application. Submitting an application is not a guarantee of a grant award. Grant awardee’s will be notified by e-mail once awards have been made.
Delivery of funds:
Once awarded, grant proceeds will be paid directly to the applicant business within 10 business days of being awarded the grant.
The program is administered by the City of Lakewood Economic Development Team. Questions regarding the program should be directed to BizRecovery@lakewood.org or 303-987-7730.