MONTROSE, Colo. (KKCO News)-- The City of Montrose is working on an initiative to help their local economy.
Right now the city says they are working on a 90 day sales tax deferral for businesses with gross revenues of $2 million or under. By doing this it would allow those smaller businesses to defer paying their sales tax. The city says they will then work out payments with them afterwards. That way it allows owners to use that cash to pay rent or employee wages. This sales tax deferral has been approved and is moving forward.
Come this Tuesday the city is hoping to get approval from city council on a small businesses lending program.
"We would allocate approximately $300,000 and perhaps more as this virus continues, to giving businesses loans for zero percent interest, no closing costs, and 12 months no repayment. So that they can again get cash flow into the business, pay for their fixed cost and hopefully keep the business there," says Chelsea Rosty, Director of Business Innovation & Tourism for the City of Montrose.
If the city council approves lending program, the city says they are looking to start offering those loans as early as April 1st.