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Remove Erroneous Date From CLIMBER Act

Concerning removal of the date restriction in the definition of "eligible borrower" used to determine a business's eligibility for a small business recovery loan under the "CLIMBER Act".
2023 Regular Session
Business & Economic Development
State Government
Bill Summary

Statutory Revision Committee. 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 relevant part, House Bill 22-1328 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. House Bill 22-1328 attempted to do this by deleting a reference to "February 29, 2020," in a portion of the definition of "eligible borrower" that requires a business to show a period of positive cash flow, but failed to also delete a second reference to "February 29, 2020," in a portion of the definition that requires a business to show a specified debt service coverage ratio. This bill corrects that omission by deleting the remaining reference to "February 29, 2020,".
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    05/24/2023 Signed Act PDF
    05/10/2023 Final Act PDF
    05/06/2023 Rerevised PDF
    05/03/2023 Revised PDF
    04/10/2023 Reengrossed PDF
    04/06/2023 Engrossed PDF
    03/20/2023 Introduced PDF
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