SB 23-209

Senate Bill 23-209 updates the CLIMBER Act, which provides small business recovery loans in Colorado for businesses affected by the COVID-19 pandemic. The bill removes outdated references to February 29, 2020, from the act's text because these no longer apply after a previous amendment changed how financial viability is determined for loan eligibility. This change ensures that all parts of the law are current and consistent. The bill was signed into law by the governor on May 24, 2023, and will take effect on August 7, 2023.

Official Summary

The "Colorado Loans for Increasing Main Street Business Economic Recovery Act" (CLIMBER Act) provides small business recovery loans to Colorado businesses affected by the COVID-19 pandemic. In 2022, the general assembly amended the CLIMBER Act by requiring that the determination as to whether a business has sufficient financial viability to be an "eligible borrower" be based on the business's current financial condition rather than, as had been the case, the business's financial condition as of February 29, 2020, but in doing so failed to delete all the obsolete statutory references to "February 29, 2020". The act corrects that omission by deleting the remaining obsolete reference to "February 29, 2020,". APPROVED by Governor May 24, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.(Note: This summary applies to this bill as enacted.)

Votes