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Legislative Year: 2021 Change
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Bill Detail: HB21-1241

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Title Employee-owned Business Loan Program Modifications
Status Governor Signed (05/21/2021)
Bill Subjects
  • Business & Economic Development
House Sponsors L. Daugherty (D)
M. Lynch (R)
Senate Sponsors K. Priola (R)
R. Rodriguez (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 03/24/2021
Summary

The bill modifies requirements for an existing loan program
(program) created to assist transitions of businesses to employee-owned
businesses. The bill repeals statutory eligibility requirements and requires
the office of economic development (office) to establish eligibility criteria
for the program. The criteria must include an annual gross revenues
limitation for participation in the program for businesses, which amount

may be set at up to or less than $50 million and establish requirements for
the number of employees who will be offered the option to participate in
the employee-ownership opportunity.
The bill also amends the requirements for the loans. It allows a
loan to be used toward the purchase of the business by the employees.
The bills repeals requirements related to the size of the loans and how the
loans must be held and requires the office to establish requirements for
the terms of the loans pursuant to existing statutory requirements.
Under the current statute, the program is repealed effective July 1,
2022. The bill extends the program through July 1, 2025.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (06/16/2021) (most recent)  
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