Definitions. As used in this section, unless the context otherwise requires:
"CARES Act" means the "Coronavirus Aid, Relief, and Economic Security Act",Pub.L. 116-136, 134 Stat. 281 (2020), as amended.
"COVID-19" means the coronavirus disease caused by the severe acute respiratorysyndrome coronavirus 2, also known as SARS-CoV-2.
"Minority-owned business" means 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, Asian-Indian, Asian-Pacific American, Hispanic American, or Native American.
Relief payments, grants, and loans to minority-owned businesses. (a) (I) The office shall use a portion of the money appropriated pursuant to subsection (4) of this section, including a portion annually for administrative costs, to administer a program to provide:
Relief payments to minority-owned businesses that have been most impacted byCOVID-19 and have lacked meaningful access to federal loans and grants under the CARES Act; and
Grants and loans to minority-owned businesses for start-up and growth capital.
(II) The director shall establish a process for minority-owned businesses to apply for a relief payment, grant, or loan under the program, including the deadline for applying, the information and documentation required to be submitted to the office to demonstrate eligibility for a relief payment, grant, or loan, and any other requirements specified by the director.
(b) The office shall establish policies setting forth the parameters and eligibility for the program, including:
The terms of and eligibility for a relief payment, grant, or loan;
Caps on the amount of a relief payment, grant, or loan;
Deadlines for applying for a relief payment, grant, or loan;(IV) Grant requirements and loan repayment terms; and (V) Any other policies necessary to operate the program.
(c) The office shall collect sufficient information from minority-owned businesses applying for a relief payment or grant pursuant to this subsection (2) to enable the division to issue an internal revenue service form 1099 to a minority-owned business that receives a relief payment or grant. When issuing a relief payment or grant to a minority-owned business, the division shall provide the internal revenue service form 1099 to the relief payment or grant recipient.
Technical support. The office shall use a portion of the money appropriated pursuant to subsection (4) of this section, including a portion annually for staff and administrative support, to increase the office's ability to provide technical assistance and consulting support to minority-owned businesses across the state. The technical assistance and consulting support may include:
Providing minority-owned business leaders with expanded professional developmentand networking opportunities;
Increasing the availability of the office's existing programming and technical support, including through the small business development center;
Designing statewide certification opportunities; and
Conducting statewide and local outreach campaigns to educate business owners andentrepreneurs of programming and technical support.
Funding. The general assembly shall appropriate four million dollars from the general fund to the Colorado economic development fund created in section 24-46-105 for use in accordance with this section in the 2020-21 and 2021-22 state fiscal years.
Report. By November 1, 2021, and November 1, 2022, the office shall submit a report to the governor, the business, labor, and technology committee of the senate or its successor committee, and the business affairs and labor committee of the house of representatives or its successor committee, detailing how the office is expending the money appropriated for the purposes of this section.
Repeal. This section is repealed, effective December 31, 2022.
Source: L. 2020, 1st Ex. Sess.: Entire section added, (SB 20B-001), ch. 2, p. 17, § 8, effective December 7.
Cross references: For the legislative declaration in SB 20B-001, see section 1 of chapter 2, Session Laws of Colorado 2020, First Extraordinary Session.