Senate Passes Bill to Help Coloradans Recover from Pandemic, Prepare for Financial Success

Legislation would uplift low-income folks, help them access financial resources to move forward

DENVER, CO – The Senate yesterday passed legislation sponsored by Senators Robert Rodriguez, D-Denver, and Pete Lee, D-Colorado Springs, to help Colorado families get back on their feet and recover from the pandemic.

“Many low-income Coloradans were disproportionately impacted by the pandemic, which worsened obstacles that have historically kept communities of color from accessing banking services and credit,” said Rodriguez. “This bill will expand access to the financial tools folks need to bounce back from the economic consequences of the last few years, provide for their families, and support their financial futures.” 

“The pandemic resulted in profound economic hardships for families, especially for disadvantaged communities,” said Lee. “With this bill, we will be able to uplift low-income Coloradans who were impacted most by the economic devastation of the last two years to help them access the capital and loans they need to bounce back and move forward.”

HB22-1359 creates the Colorado Household Financial Recovery Program to boost low-income individuals and households impacted by the pandemic or the economic conditions that have followed as a result. The program aims to make low-interest loans and credit more available to low-income families. Funded initially with $5.2 million in one-time funds, the program will partner with financial institutions to facilitate small low-interest loans to individuals and families impacted by the pandemic.

Many individuals do not have access to credit as a result of the financial pressures of the pandemic, while at the same time, many have drained their savings and are struggling to pay for necessities as pandemic-induced inflation has led to rising costs for families. This legislation will help Coloradans who face financial insecurity or a lack of access to financial and banking services obtain affordable loans.

HB22-1359 now heads to the Governor’s desk for final approval. Track the progress of the bill HERE.