The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27th, 2020.
The over $2 trillion economic relief package was designed to protect citizens from the public health and economic impacts of COVID-19 and is intended to provide fast and direct economic assistance.
Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak by establishing a $150 billion Coronavirus Relief Fund.
As part of the CARES Act, the State of Colorado received over $1.6 billion in funding. Governor Jared Polis has parceled CARES Act funding out to various state entities, including education (K-12 and higher ed), pandemic response, state payroll and legislature, and also to Colorado’s 64 counties to cover unbudgeted expenditures related to the COVID-19 pandemic.
Grand County’s placeholder amount is $1,349,774, which includes allocations not only to the county, but to each of the municipalities located within. The towns and county got together to discuss anticipated COVID-19 expenditures and worked out a Collaborative Agreement to allocate funds by entity.
Based upon projections, the funding will be broken out as follows:
Grand County: $746,168 (55%)
Fraser: $223,197 (16%)
Granby: $104,000 (8%)
Grand Lake: $115,750 (8%)
Hot Sulphur Springs: $18,500 (1%)
Kremmling: $32,500 (2%)
Winter Park: $128,500 (9%)
Each entity will submit reimbursement requests to DOLA, along with supporting documentation and proof of payment. Expenses must be incurred between March 1-December 30, 2020 to be eligible for reimbursement.
While the funds will not cover projected revenue shortfalls, they will, at least, provide relief from expenditures caused from the coronavirus pandemic.