Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to concur with house amendments and pass a bill that appropriates $57 million in direct aid, grants, and annual fee waivers to small businesses experiencing severe capacity restrictions, among other provisions.

Highlights:

• Establishes a Small Business Relief Program to allocate money to eligible local governments to provide relief payments to eligible small businesses (Sec. 2.2).

• Requires eligible local governments that choose to apply to participate in the relief program submit an application to the division by January 8, 2021, and by January 15, 2021, the division shall allocate the money appropriated (Sec. 2.2 B).

• Authorizes eligible small businesses to receive relief payments as follows (Sec. 2.2 B II):

• For an eligible small business that had less than $500,000 in receipts in the 2019 calendar year, a relief payment of up to $3,500;

• For an eligible small business that had $500,000 or more but not more than $1,000,000 in receipts in the 2019 calendar year, a relief payment of up to $5,000; and

• For an eligible small business that had $1,000,000 or more but not more than $2,500,000in receipts in the 2019 calendar year, a relief payment of up to $7,000.

• Expands relief payments to include the following establishments (Sec. 2 h):

• The closure of restaurants for in-person, indoor dining;

• The closure of bars and the prohibition of indoor events;  and

• The limit of the lesser of ten percent capacity or ten  people per room or pool for gyms, recreation centers, and indoor  pools

• Expands relief payments grants, and loans to minority-owned businesses to include (Sec. 8.2):

• Relief payments for businesses struggling through COVID-19;

• Federal loans and grants for businesses that have lacked CARES Act access; and

• Grants and loans for start-up and growth capital

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that appropriates $57 million in direct aid, grants, and annual fee waivers to small businesses experiencing severe capacity restrictions, among other provisions.

Highlights:

• Establishes a Small Business Relief Program to allocate money to eligible local governments to provide relief payments to eligible small businesses (Sec. 2.2).

• Requires eligible local governments that choose to apply to participate in the relief program submit an application to the division by January 8, 2021, and by January 15, 2021, the division shall allocate the money appropriated (Sec. 2.2 B).

• Authorizes eligible small businesses to receive relief payments as follows (Sec. 2.2 B II):

• For an eligible small business that had less than $500,000 in receipts in the 2019 calendar year, a relief payment of up to $3,500;

• For an eligible small business that had $500,000 or more but not more than $1,000,000 in receipts in the 2019 calendar year, a relief payment of up to $5,000; and

• For an eligible small business that had $1,000,000 or more but not more than $2,500,000in receipts in the 2019 calendar year, a relief payment of up to $7,000.

• Expands relief payments to include the following establishments (Sec. 2 h):

• The closure of restaurants for in-person, indoor dining;

• The closure of bars and the prohibition of indoor events;  and

• The limit of the lesser of ten percent capacity or ten  people per room or pool for gyms, recreation centers, and indoor  pools

• Expands relief payments grants, and loans to minority-owned businesses to include (Sec. 8.2):

• Relief payments for businesses struggling through COVID-19;

• Federal loans and grants for businesses that have lacked CARES Act access; and

• Grants and loans for start-up and growth capital

Full Bill Text