The City has completed the final report identifying the use of Federal CARES Act-Coronavirus Relief Funds. Centennial focused on three main areas of support: Small Business Assistance, Resident Support, City Facilities and Pandemic Response. To learn more view the report here.
The City of Centennial received access to $10,391,697 of Coronavirus Relief Funds through an intergovernmental agreement with Arapahoe County. Centennial City Council established early objectives for the use of Centennial CARES: Coronavirus Relief Funds in the City, while recognizing the need to be flexible in our approach based on the dynamic situation and the initial spending deadline of December 30, 2020.
Centennial prioritized our businesses and residents when determining how to utilize Coronavirus Relief Funds; 94% of funds were disbursed in the form of grants to Centennial businesses and entities providing services to Centennial residents.
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States. The spending primarily includes $300 billion in one-time cash payments to individual Americans (with most single adults receiving $1,200 and families with children receiving more, $260 billion in increased unemployment benefits, the creation of the Paycheck Protection Program that provides forgivable loans to small businesses with an initial $350 billion in funding (later increased to $669 billion by subsequent legislation), $500 billion in loans for corporations, and $339.8 billion to state and local governments.
Coronavirus Relief Fund
The CARES Act established the $150 billion Coronavirus Relief Fund. The Department of Treasury has made payments from the Fund to States and eligible local government units, the District of Columbia, U.S. Territories, and Tribe governments.
Arapahoe County, Colorado, where the entirety of incorporated City of Centennial is located, received a direct allocation of $114,569,892 of Coronavirus Relief Funds, based on the county population being greater than 500,000, and subsequently allocated approximately 45% of the total allocation to municipalities in Arapahoe County based on municipal population. Putting Coronavirus Relief Funds to work in Centennial, Colorado was made possible by a dedicated City Council, City Staff, contracted service providers, Arapahoe County Board of County Commissioners, County Staff, neighboring communities and business and community service providers in the Denver South area.
Is my business required to file a 1099?
- If you are a business classified as an S-Corporation, the City is unrequired by the IRS to issue a 1099 for grant funds such as the CARES funds. Please consult your tax professional with any tax-related questions.