Office of Economic Development and International Trade American Rescue Plan Act Funds For Rural Colorado
Concerning the office of economic development and international trade's permissible uses of money transferred from the economic recovery and relief cash fund to the Colorado economic development fund for use in rural Colorado.
2022 Regular Session
Business & Economic Development
Joint Budget Committee. Senate Bill 21-291 transferred $40 million of "American Rescue Plan Act of 2021" (ARPA) money from the economic recovery and relief cash fund to the Colorado economic development fund and directed the office of economic development and international trade (OEDIT) to use $10 million of the money transferred to incentivize small businesses to locate in rural Colorado and for the location neutral employment incentive program. To ensure that the use of the $10 million complies with ARPA requirements, the bill instead directs OEDIT to use the money to support businesses in rural Colorado that undertake economic development activity in rural Colorado in response to the negative economic impacts of the COVID-19 pandemic. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)