HB21-1302 Summary

• Extends the Small Business COVID-19 Grant Program through September 1, 2024 (originally set to expire September 1, 2022) to provide grants to small businesses affected by pandemic-related economic hardship.

• Reduces required funding from $20 million to $15 million appropriated from the general fund, with grants capped at $15,000 per business and self-certified businesses limited to $5,000 without financial documentation.

• Simplifies application requirements by allowing businesses to demonstrate losses through either self-certification or financial documentation, and extends the money expenditure deadline to July 1, 2022.

• Adds grant preferences for businesses that did not qualify for Paycheck Protection Program funding, sole proprietorships, and businesses in economically distressed areas (opportunity zones, enterprise zones, historically underutilized business zones).

• Requires reporting by November 1, 2022 on applicant demographics (women, minorities, veterans), funding rates, geographic distribution, and business types served by the program.