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SB20-222

Use CARES Act Money Small Business Grant Program

Concerning a grant program for small businesses affected by economic hardship caused by the COVID-19 pandemic that is financed by money received from the federal government pursuant to the "CARES Act", and, in connection therewith, making an appropriation.
Session:
2020 Regular Session
Subject:
Business & Economic Development
Bill Summary

The act creates a small business COVID-19 grant program, financed by $20 million from the federal money allocated to the state pursuant to the federal "Coronavirus Aid, Relief, and Economic Security Act", also referred to as the "CARES Act". The Colorado office of economic development (office) will administer the grant program and the Colorado economic development commission will contract with the Colorado housing and finance authority (CHFA) to operate the grant program. CHFA will work with nonprofit or community-based lenders that will underwrite and distribute the grants to small businesses pursuant to the program.

To be eligible for a grant, a small business must have fewer than 25 employees and have been affected by economic hardship caused by the COVID-19 pandemic. A preference is given for a small business that did not qualify for or receive a paycheck protection program loan; is majority owned by veterans, women, or minorities; or is located in a rural area. Individual grant awards are capped at $15,000, and of the total amount allocated for the grant program, $5 million is earmarked, until October 1, 2020, for tourism businesses. The federal money must be spent by December 30, 2020. The office must submit reports on the grant program to the committees of the general assembly with jurisdiction over business affairs.

The act appropriates $20,000,000 from the care subfund in the general fund to the office for administration of the small business COVID-19 grant program.


(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

COVID-19 Resources
School Finance Poverty Study RFP 2021 (submit by 10 a.m. 8/6/2021)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.