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SB 21-001 - Expands COVID-19 Relief Programs for Minority Small Business Owners - Colorado Key Vote

Stage Details

Title: Expands COVID-19 Relief Programs for Minority Small Business Owners

Title: Expands COVID-19 Relief Programs for Minority Small Business Owners

See How Your Politicians Voted

Title: Expands COVID-19 Relief Programs for Minority Small Business Owners

Vote Smart's Synopsis:

Vote to amend and pass a bill that expands COVID-19 relief programs for minority-owned small businesses.

Highlights:

 

  • Defines "minority-owned business" as a business that is at least fifty-one percent owned, operated, and controlled by an individual who is a member of a minority group, including an individual who is African American, Hispanic American, or Asian American (Sec. 1-VII.g.)

  • Defines "disproportionately impacted business" as a business that has been disproportionately impacted by the COVID-19 pandemic (Sec. 1-2.c)

  • Classifies "disproportionately impacted business" through the following criteria (Sec. 1-2c):

    • Has five or fewer employees, including the business owner;

    • Is a minority-owned business;

    • Is located in an economically distressed area; and

    • The business owner lives in an economically distressed area;

  • Specifies the terms of and eligibility for a relief payments, grants, or loans for disproportionately impacted businesses (Sec. 1.b-I):

    • Caps on the amount of a relief payment, grant, or loan;

    • Deadlines for applying for a relief payment, grant, or loan;

    • Grant requirements and loan repayment terms; and

    • Any other policies necessary to operate the program

  • Appropriates $5,000,000 from the general fund to the Colorado economic development fund to aid disproportionately impacted businesses (Sec. 1-5).

  • Authorizes eligible local governments to determine the relief payment amount for each eligible small business within the geographical boundaries of the eligible local government based on the payment amounts (Sec. 4.c-IV).

Title: Expands COVID-19 Relief Programs for Minority Small Business Owners

Title: Expands COVID-19 Relief Programs for Minority Small Business Owners

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