HB 22-1332

House Bill 22-1332, which has been signed into law, allocates $10 million from federal American Rescue Plan Act funds to help rural areas in Colorado. This money will be used by the Office of Economic Development and International Trade (OEDIT) to support small businesses that choose to set up or expand operations in these regions, as well as to assist with economic recovery efforts due to the pandemic. The bill aims to boost job creation and business growth in rural parts of the state where economic opportunities may be limited.

Official Summary

Senate Bill 21-291 transferred $40 million of "American Rescue Plan Act of 2021" (ARPA) money from the economic recovery and relief cash fund to the Colorado economic development fund and directed the office of economic development and international trade (OEDIT) to use $10 million of the money transferred to incentivize small businesses to locate in rural Colorado and for the location neutral employment incentive program. To ensure that the use of the $10 million complies with ARPA requirements, the act instead directs OEDIT to use the money to incentivize or support businesses in rural Colorado or to undertake any other economic development activity in rural Colorado that is authorized by specified current law in response to the negative economic impacts of the COVID-19 pandemic. (Note: This summary applies to this bill as enacted.)

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