SB21-291 Summary

• Creates the Economic Recovery and Relief Cash Fund in the state treasury to receive $848,761,790 from federal COVID-19 relief funding under the American Rescue Plan Act of 2021.

• Authorizes the general assembly to appropriate or transfer money from the fund to departments for COVID-19 response purposes including small business assistance, individual and household aid, nonprofit support, public health expenditures, unemployment benefits, and infrastructure investments.

• Transfers $40 million to the Colorado Economic Development Fund, with $10 million designated for rural business incentives and remote employment programs, and remaining funds for small business grants and economic development activities related to COVID-19 impacts.

• Establishes a legislative task force to meet during 2021 interim and recommend policies for using fund money to stimulate the economy, provide relief, or address pandemic-related economic disparities, with Joint Budget Committee staff review to avoid duplication.

• Sunsets the Economic Recovery and Relief Cash Fund statute on July 1, 2027, and appropriates $40 million for fiscal year 2021-22 plus $21,958 for legislative implementation costs.