SB 20-222

  • Colorado Senate Bill
  • 2020 Regular Session
  • Introduced in Senate Jun 11, 2020
  • Passed Senate Jun 11, 2020
  • Passed House Jun 13, 2020
  • Signed by Governor Jun 23, 2020

Use CARES Act Money Small Business Grant Program

Abstract

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.)

Bill Sponsors (4)

Votes


Actions


Jun 23, 2020

Office of the Governor

Governor Signed

Jun 19, 2020

Office of the Governor

Sent to the Governor

House

Signed by the Speaker of the House

Jun 18, 2020

Senate

Signed by the President of the Senate

Jun 15, 2020

Senate

Senate Considered House Amendments - Result was to Concur - Repass

Jun 13, 2020

House

House Third Reading Passed - No Amendments

Jun 12, 2020

House

House Second Reading Passed with Amendments - Committee

Jun 11, 2020

House

House Committee on Appropriations Refer Amended to House Committee of the Whole

  • Referral-Committee
  • Committee-Passage
House Committee of the Whole Appropriations

House

House Second Reading Laid Over Daily - No Amendments

House

Introduced In House - Assigned to Appropriations

  • Introduction
Appropriations

Senate

Senate Third Reading Passed - No Amendments

Jun 10, 2020

Senate

Senate Second Reading Special Order - Passed with Amendments - Committee, Floor

Senate

Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole

  • Referral-Committee
  • Committee-Passage
Senate Committee of the Whole Appropriations

Jun 09, 2020

Senate

Senate Committee on Finance Refer Unamended to Appropriations

  • Referral-Committee
Appropriations Finance

Senate

Introduced In Senate - Assigned to Finance

  • Introduction
Finance

Bill Text

Bill Text Versions Format
Signed Act (06/23/2020) PDF
Final Act (06/19/2020) PDF
Rerevised (06/13/2020) PDF
Revised (06/12/2020) PDF
Reengrossed (06/11/2020) PDF
Engrossed (06/10/2020) PDF
Introduced (06/09/2020) PDF
PA2 (06/11/2020) PDF
PA1 (06/10/2020) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note SA1 (06/10/2020) PDF
Fiscal Note SA2 (06/11/2020) PDF
Fiscal Note FN1 (06/09/2020) PDF

Sources

Data on Open States is updated nightly from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.