HB 21-1241 Summary

• Repeals the definition of "existing business" that required businesses to be at least two years old with at least three employees and annual net revenues of five million dollars or less.

• Directs the office to establish and publicly disclose eligibility criteria for the employee ownership loan program, including requirements related to business size, number of employees offered ownership options, and other necessary requirements.

• Increases the annual gross revenues limitation for business participation from five million dollars to up to fifty million dollars.

• Authorizes the office to establish and publicly disclose loan term requirements, including maximum loan amounts, how loans must be held, and other terms necessary to further program purposes.

• Extends the repeal date of this section from July 1, 2022 to July 1, 2025.