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House approves expansion of Small Business Recovery and Resiliency loan program after heated debate
Summary
House Bill 1003, which modifies the Small Business Recovery and Resiliency Loan Program, passed 50-15 after floor debate where opponents called the program an improper, costly extension and supporters argued the money is available and needed for struggling businesses.
The Colorado House adopted House Bill 1003 on Feb. 11, a measure to modify the Small Business Recovery and Resiliency Loan Program.
Debate on the floor was sharply divided. Rep. De Graaf criticized the program as extending loans unlikely to be repaid and called the language around “resilience” and “hardship” emotionally loaded. He warned the program risks redistributing taxpayer dollars without sufficient accountability and objected to removing the program’s remaining tie to the COVID crisis. “This is about extending loans that have little chance of being repaid,” Rep. De Graaf said.
Supporters including Rep. Brooks, Rep. Wynter and Rep. Ricks urged passage, saying the money already sits in the account and can provide relief to veteran-owned, minority-owned and rural small businesses facing economic pressure. Rep. Wynter, acknowledging reservations about how the funds were accumulated, said the money is in the account and should be deployed for communities in need.
After floor debate the clerk reported a recorded vote: 50 yes, 15 no, 0 excused; HB1003 was adopted. Members noted concerns about program ratios, administrative costs, and the program’s $34 million balance previously referenced on the floor; the possibility of addressing allocation or repeal in the Senate was also discussed.
