Office of Economic Development and International Trade American Rescue Plan Act Funds For Rural Colorado

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.)