COLORADO SPRINGS — Members of Colorado Springs City Council have decided they want to finalize a proposal that will offer a sales tax rebate to restaurant owners financially hurt by COVID-19. "It's not a massive amount of money, but it may help," said City Council Member, Wayne Williams.
The proposal is a 2% sales tax rebate for eligible restaurants. Owners have to apply and show revenue down by 5% or more over the previous year. "We did put limitations on it so that we didn't have a very large exposure, but wanted to provide some type of incentive for those restaurants that are struggling," said Colorado Springs Chief Financial Officer, Charae McDaniel. If qualified, they can get up to $1,400 a month for the months of the pandemic at the end of 2020 and the first of 2021.
City Council still has to vote to officially approve the program.
A single application for the City of Colorado Springs rebate also applies for a similar tax rebate from El Paso County. The county is offering a 1% sales tax rebate to qualifying eateries.