SB 20-222 Summary

• Establishes a Small Business COVID-19 Grant Program funded by $20 million in federal CARES Act money appropriated from the state's Coronavirus Relief Fund to assist small businesses facing economic hardship from the pandemic.

• Requires the Colorado Office of Economic Development to administer the program in contract with the Colorado Housing and Finance Authority, which distributes grants through nonprofit and community-based lenders called grantors.

• Limits eligible small businesses to those with fewer than 25 full-time equivalent employees that were affected by COVID-19 impacts including required closures, voluntary closures, or decreased customer demand; maximum grant award is $15,000 per business.

• Prioritizes grant awards to businesses that did not qualify for federal Paycheck Protection Program loans, those majority-owned by veterans, women, or minorities, and those located in rural areas.

• Reserves $5 million for tourism-sector businesses until October 1, 2020, then opens remaining funds to all qualifying small businesses; all funds must be expended by December 30, 2020; the entire program sunsets September 1, 2022.