2021 Disaster Relief for Small Businesses Bills
Federal American REscue Plan
GBC Position: SUPPORT
President Biden has signed the $1.9 trillion American Rescue Plan into law. This stimulus package provides needed support for small businesses, including $15 billion for the Targeted Economic Injury Disaster Loan (EIDL) Advance program, which provides grants for small businesses in low-income areas. It will also provide $7.5 billion for the Paycheck Protection Program, $25 billion in grants for small restaurants, $1.25 billion for the Shuttered Venue Operators Grant, and $10 billion for small business financing programs in the states through the State Small Business Credit Initiative (SSBCI).
Colorado Recovery Plan
GBC Position: REVIEWING
Governor Polis and members of the Colorado legislature have unveiled plans for a package of legislation aimed at boosting the state’s economy and building the state back in better shape than pre-pandemic. The proposal includes upwards of $140 million dollars to be earmarked for small business recovery programs. While these proposals are not guaranteed and dollar amounts may change, Good Business Colorado is eager to see these much needed supports for small businesses come to fruition.
Restaurant Sales Tax Relief, proposed funding amount: $40-50 Million. Colorado Startup Loan Fund, proposed funding amount: $20-30 Million. OEDIT Strategic Fund, proposed funding amount: $15 Million. Energize Colorado Gap Fund, proposed funding amount: $10-15 Million. Advanced Industry Grant Program, proposed funding amount: $10 Million. Incentivize Events and Conferences, proposed funding amount: $10 Million. Relief for Arts/Culture Organizations, proposed funding amount: $3-5 Million. Economic Gardening, proposed funding amount: $2-3 Million.