Weekly Policy Update: Energize Colorado Gap Fund Launches August 2020
By: Colorado BioScience Association Date: 07/24/2020
The Energize Colorado Gap Fund was created by Senate Bill 222 and will provide more than $25 million in small business loans and grants to boost small businesses impacted by COVID-19. Sole proprietors, businesses, and nonprofits with less than 25 full-time employees can apply for a grant of up to $15,000 and a loan of up to $20,000 for a possible combined total of $35,000 in financial assistance.
Who is eligible to apply?
- Small businesses or enterprises – Colorado sole proprietors and registered small businesses including LLCs, S-Corps and other business types.
- Non-profit organizations – Colorado nonprofits whose mission and/or programs directly support economic development, small businesses, or tourism.
- You must have fewer than 25 full-time equivalent (FTE) employees. An employer may use its off-season employee count.
- You must have been impacted by COVID-19 – Applicants must be able to show the economic hardship their business is facing due to the COVID-19 pandemic. The business’s story of hardship plus documents such as bank records, point of sale receipts, profit and loss statements, or other documents can be used to show economic harm.
Any eligible Colorado small enterprise is welcome to apply, but priority will be given to the following applicants:
- majority-owned by black, indigenous, people of color, veterans, or women
- in rural areas with population of less than 50,000 people
- in the tourism sector
- with limited or no access to capital financing or other federal, state or local grants/loans
The application launches in August. We encourage you to sign up for Energize Colorado’s email list to be alerted when the application opens.
Federal Update: President Trump Announces Executive Orders on Prescription Drugs
Today President Trump announced several executive orders related to prescription drugs. One of these orders would force Medicare to adopt foreign price controls, jeopardizing access to the transformative therapies of today and tomorrow. CBSA is deeply concerned about the impact this policy would have on patient access and choice and future investment in new, innovative treatments.
CBSA is working closely with our national industry partners and the Council of State Bioscience Associations to push back aggressively on this executive order. We will share additional information as we learn more, and we will provide updates in the coming weeks on our advocacy efforts.