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Bill Detail: SB20-222

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Title Use CARES Act Money Small Business Grant Program
Status Governor Signed (06/23/2020)
Bill Subjects
  • Business & Economic Development
House Sponsors P. Will (R)
M. Young (D)
Senate Sponsors F. Winter (D)
J. Bridges (D)
House Committee Appropriations
Senate Committee Finance
Date Introduced 06/09/2020
Description

The bill 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 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. $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.

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