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In a statement, McDonough, acknowledged this one bill isn t addressing all the problems: The $4M allocation offers immediate aid but cannot serve the total need. That is why federal support is so vital. Colorado s constitution does not permit deficit spending so these funds, while limited, represent the limited resources available to deploy. Given the extent of economic distress across the state, minority businesses, small businesses and local governments alike continue to implore Congress to act and allocate federal relief funds prior to their holiday recess.
The grants specifically from the money allocated for minority-owned businesses could be anywhere from $5,000 to $8,000. Some businesses could get more if they are eligible to get grants from the other pools of money.