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Legislative Year: 2022 Change
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Bill Detail: HB22-1328

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Title Modify Main Street Business Recovery Loan Program
Status Governor Signed (06/03/2022)
Bill Subjects
  • Business & Economic Development
  • State Government
House Sponsors B. McLachlan (D)
B. Titone (D)
Senate Sponsors K. Donovan (D)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 03/28/2022
Summary

The bill adjusts various requirements applicable to the Colorado
Loans for Increasing Main Street Business Economic Recovery Act
(program) that provides small business recovery loans to Colorado
businesses, funded in part through the sale of premium tax credits. The
bill:

  • Extends the period through which the program can issue
capital for the loan program through fiscal year 2023-24;
  • Increases the amount of capital that can be issued in the last
3 fiscal years without increasing the total amount that can
be issued for the life of the program;
  • Lowers the minimum amount of a loan to a small business
from $30,000 to $10,000;
  • Lengthens the maximum initial maturity of a loan to a
small business from 5 years to 10 years;
  • Changes the requirements for an eligible borrower to
require one year of positive cash flow instead of 2, and at
least one employee instead of at least 5 employees;
  • Clarifies the benchmarks that apply to the program for
making loans to businesses owned by socially and
economically disadvantaged individuals;
  • Extends the time for the program to issue tax credits
through state fiscal year 2022-23;
  • Allows tax credits issued in fiscal years 2021-22 and
2022-23 to be claimed on a schedule beginning in a taxable
year that begins on or after January 1, 2023; and
  • Removes a requirement that if additional state or federal
money is appropriated or allocated to the program, the
value of the tax credits authorized by the program must be
reduced by the same amount.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (04/18/2022) (most recent)  
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