Remove Erroneous Date From CLIMBER Act

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.)