Colorado Budget Crisis and You!
More than 8,600 Colorado businesses went under last quarter this was a increase from last year by quite a bit. According to the state department of labor and employment over 342,000 jobs lost since January, Colorado’s unemployment rate now stands at over 10.5%. Tourist industry, oil and gas industries were most affected.
Colorado state unemployment insurance fund is now out of money, state now relying on loan from federal government. Good news is no interest on money being borrowed, but funds must be repaid to federal government. Over 7,200 our work Coloradans have exhausted their regular unemployment benefits which only lasted 26 weeks.
Under Pres. Trump executive order people will be paid unemployment benefit of $300 per week, state of Colorado an additional $100 per week for a total of $400 per week. Lost wages assistant program is a temporary stopgap measure will end the first week in December. State Democrats have said Colorado does not have the money to spare for this program ($100 per week).
Once activated, unemployment payments to any worker who has lost hours and wages as a result of the COVID-19 pandemic so long as they are receiving at least $100 a week from any state or federal unemployment fund. Eligible recipients will not have to do anything to their claims. The state will automatically pay eligible recipients.
King Polis plans to submit application to FEMA if not already for these additional federal funds. Repayment to federal government is a requirement of the application, how this will happen is unknown at this time.
The 2021 legislative session must address this repayment, they will also have to look at how much cuts will be made to other state agencies and departments.
There’s a Budget Shortfall Looming and you’re on the hook. The budget crisis is now here! And where is our leadership, nowhere to be found!
The Republican state senators requested from King Polis a special session to address education budget shortfalls, the King declined. With the state emergency declaration in place, closing our businesses throwing our people out of work, this mandated is a new approach in governing. With four months left in this year can we really wait for the legislative session to resume?
I do not have a Ouija board or crystal ball to tell you what the future will bring to us, do you? Can we wait for state legislators that would rather sit at home in their basements in their underwear!
Get new content delivered directly to your inbox.