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Financial relief on the way to Weld businesses

Posted on 06/15/2020
Financial relief on the way to Weld businessesA unanimous vote by the Weld County Board of Commissioners capped a 14-week process to get state approval “to temporarily reduce, waive, or suspend delinquent interest payments for property tax payments.” Governor Jared Polis signed HB 20-1421 into law Sunday morning, June 14.

“The Board began discussing ways to help our local businesses in mid-March when the state was starting to feel the impacts of COVID-19,” said Commissioner Chair Mike Freeman. “We worked with our treasurer and finance director to brainstorm ways local government could help keep businesses going through this difficult time.”

It was then county commissioners had discussions with local municipalities and school districts. “We needed to make sure everyone was on board with the idea,” said Commissioner Barbara Kirkmeyer. “We talked through the pros and cons of the proposal and initiated discussions with school districts, other county treasurers and Federico Pena, head of the Governor’s Economic Stabilization and Growth Council. The result was a bill that will help not only businesses in Weld County but also across the state of Colorado.”

The bill effectively allows county commissioners and city councils, with approval from their treasurer, to defer interest payments on delinquent taxes, if those taxes are paid in full by October 1, 2020.

“Our local businesses need help,” said Commissioner Steve Moreno. “This bill allows businesses to manage their cash flow in a way that may help them stay afloat.”

Commissioner Kevin Ross agreed. “For some businesses, this bill may afford them the opportunity to pay staff or prioritize other expenses without the worry that fees and penalties are adding up on their property tax payment,” Ross said. “As a small business owner myself, I know that would be helpful given this state’s current circumstances.”

“This bill was truly a team effort,” said Commissioner James. “A lot of people came to the table to make this happen, including our partners at Upstate Colorado. It’s our hope that this relief helps our local businesses navigate successfully through this unprecedented time.”