Native companies in Montrose will have the ability to retain as much as $2,000 of state gross sales tax, collected from November 2020 by means of March 2021, as a result of current state laws, signed earlier this week.
The laws intends to assist companies hit onerous by the COVID-19 pandemic, aiding in giving these companies some monetary respiration room. The invoice applies to bars, eating places and cellular meals merchandising companies.
Town introduced Wednesday it had began informing native enterprise homeowners of the invoice, although particulars relating to its implementation are being developed by the state.
“Metropolis leaders are grateful to native enterprise homeowners for his or her cooperation with measures which have been taken to guard public well being,” the town mentioned in a press launch.
The invoice doesn’t apply to collected gross sales tax for the town, which ought to proceed “in accordance with the conventional course of.”
Additionally, companies which have already repaid the small enterprise emergency loans, administered by the town, will probably be receiving refunds. The loans have been transformed into grants, and the town was notified that CARES Act funding might be used to fund the mortgage program.
Companies which have but to repay these loans won’t be acquired to take action, and extra particulars will probably be offered as soon as obtainable.
Round $100,400 has been offered by the town in native grant help to companies locally.
“Town appreciates the vital function that companies have in our neighborhood and acknowledges the numerous challenges that many, particularly these within the meals and beverage trade, are experiencing in the course of the pandemic,” the town mentioned within the launch.