DENVER, CO – Today, the Governor signed a bill into law that will preserve over $800 million for future investments, allocating federal stimulus funds from the American Rescue Plan to ensure the state's long-term economic resilience.

SB21-291, sponsored by Senate Majority Leader Steve Fenberg, creates the Economic Recovery and Relief Cash Fund to respond to the public health emergency with respect to COVID-19 and  its negative economic impacts. Specifically, the bill allocates $848 million for future legislative investments to be made following a robust community stakeholding process over the next six months. 

“Today marks a brighter tomorrow for Colorado. SB 291 immediately invests in Colorado communities, while preserving considerable funding for longer-term investments that will respond to our ongoing needs,” said Majority Leader Steve Fenberg. “The Economic Recovery and Relief Cash Fund will help get our state back on its feet, get people back to work, and make sure we’re better prepared for the next challenge we will face.”

In addition, the legislation allocates $40 million for various programs with the Office of Economic Development and International Trade to support small businesses and economic development following the COVID-19 pandemic. Of the $40 million, the bill sets aside $10 million to incentivize small business development in rural Colorado and to provide cash incentives to businesses that hire remote employees in rural areas of the state.