HB22-1411 Summary

• Establishes compliance and reporting requirements for Colorado's use of federal Coronavirus State Fiscal Recovery Fund money under the American Rescue Plan Act of 2021.

• Requires funds to be obligated by December 31, 2024 and expended by December 31, 2026, with unexpended money reverting to the unemployment compensation fund or returned to the U.S. Treasury.

• Authorizes the state to use recovery funds for government services to the extent of revenue reductions due to COVID-19, with Colorado reporting a $3.694 billion reduction for 2020-2021.

• Creates and distributes funds across multiple cash funds including revenue loss restoration ($5.5 million initially), affordable housing ($15 million), workers and workforce centers ($1.4 million), and other pandemic response programs.

• Applies spending and obligating deadlines to subrecipients and establishes compliance, reporting, and program evaluation requirements for all recipients of recovery funds regardless of whether they are direct or indirect recipients.