DENVER (KDVR) — Governor Jared Polis signed five bills into laws, including two important COVID-19 economic recovery bills, on Tuesday.

HB20-1413 will offer low interest loans up to $500,000 to businesses with less than 100 employees. The loan program was created to assist small businesses in recovering from the COVID-19 pandemic.

Polis signed SB20-222, which uses CARES Act money to create a grant program for small businesses economically affected by the COVID-19 pandemic.

According to the bill, “To be eligible for a grant, a small business must have fewer than 25 employees and have been affected by economic hardship caused by the COVID-19 pandemic. A preference is given for a small business that did not qualify for or receive a paycheck protection program loan; is majority owned by veterans, women, or minorities; or is located in a rural area.”

A bill to fix defects in the Enterprise Zone Statute was also signed by Polis. Colorado enterprise zones were designed to promote business-friendly environments in economically distressed areas.

The other two bills signed were the Sunset Coal Mine Board Of Examiners and Fiscal Year 2020-21 Legislative Appropriation Bill.