2022 Colorado Legislative Session–New opportunities for small business

An estimated 674,000 small businesses operate in Colorado, which employ 1.2 million people, accounting for 99.5% of all businesses in the Centennial State. As part of our mission to ensure entrepreneurship is at the center of a thriving and inclusive economy in Colorado, we worked with partners and small business owners throughout the 2022 legislative session on nearly 40 policy solutions to support the ever-growing small business ecosystem. This year’s legislative session provided relief for these job creators and innovators, through both small and large initiatives that reduced business fees, addressed tax issues, provided tax credits, expanded COVID-19 relief and improved access to healthcare and childcare. Read on for an overview of key policies that small businesses should be aware of and how these changes will support the small business ecosystem in Colorado.

Among the measures we advocated for during this session include legislation to address business identity fraud (SB 22-034), which enables business owners to file complaints and seek relief related to business identity theft through the Colorado Secretary of State. In light of the COVID-19 pandemic, many small businesses have been affected by skyrocketing numbers of business identity thefts, seeing an increase in cases from 240 annually in 2016 to 3,864 and 4,331 in 2020 and 2021, respectively. This increase in fraudulent activity has brought small business owners to their knees, especially as they try to secure lifesaving capital to keep their businesses running during a global pandemic.

Another important piece of legislation enacted during this session to support struggling businesses is HB 22-1001, which aims to reduce business-related fees for aspiring and current entrepreneurs in Colorado. This bill effectively removes financial barriers for small business owners as they start and maintain their businesses, especially in light of limited cash flow and decreased access to capital during the pandemic.

Furthermore, we advocated for policies to help improve access to essential benefits for entrepreneurs and small business employees. This included legislation that will help protect small business owners by increasing transparency in healthcare sharing plan reporting requirements (HB 22-1269), and advocacy concerning the implementation of the Colorado Health Insurance Option to ensure its efficacy in improving healthcare access. And we highlighted the importance of implementing the Colorado Paid Family and Medical Leave Insurance (FAMLI) program as an accessible, affordable, and high-quality system for all.

As Colorado entrepreneurs struggle to hire and retain employees during the pandemic, it’s more important than ever to enact policies that will adequately meet their needs and strengthen the growing workforce. This is why we also advocated for and moved the needle on the establishment of the Department Early Childhood And Universal Preschool Program (HB 22-1295), legislation that will provide universal access to preschool for young children—a direct investment in childcare providers and small businesses, and our future generations.

While the 2022 legislative session has come to an end, we must look ahead and address two critical small business challenges in our state: predatory lending and fair competition. Access to capital and responsible lending need to be a priority, especially as we continue to see small business owners, particularly people of color, facing significant hurdles in accessing capital from traditional banking institutions. Similarly, we’d like to see expanded protections for restaurant and retail small business owners who use third-party vendors, with a meaningful implementation of our newly instated equity procurement guidelines, which passed during this legislative session.

We look forward to working with partners at the state and local levels and small business owners next year to solve challenges impacting entrepreneurship that will help build a stronger, more equitable economy in Colorado.

Learn more about the new legislation passed during this session at one of our upcoming events:

Colorado 2022 Laws: What small businesses should know
Join Small Business Majority and other business organizations across the state as we present on the new tax credits, programs, and laws that affect our Colorado small business community. In addition to these new initiatives, learn more about how to get involved in small business advocacy and how to help shape policies with your business in mind.
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Nuevas leyes en Colorado: Conozca los programas disponibles para su empresa
Únase a Small Business Majority y otras organizaciones comerciales del estado para conocer sobre los nuevos créditos fiscales, programas y leyes que afectan a nuestra comunidad de pequeñas empresas. Además de estas nuevas iniciativas, obtenga más información sobre cómo puede involucrarse en la abogacía de pequeñas empresas y cómo puede ayudar a diseñar políticas en su comunidad.
Regístrese »