Polis Administration Saving 75% of Colorado Small Businesses Money on Unemployment Insurance
Polis administration continues to deliver results for small businesses & power the comeback
DENVER- The Polis administration announced today that three-quarters of Colorado small businesses will save money on unemployment insurance as a result of the Polis administration’s actions.
“Providing savings to our small businesses and their teams is a top priority as we build back better from before the pandemic. As an entrepreneur and small businesses owner, I know first hand that any level of relief helps and I’m proud that our administration is leading on fiscal responsibility,” said Governor Jared Polis “With this responsible action, around three-quarters of Colorado employers save money and will not face additional surcharges to cover the cost of this interest.”
During the global pandemic, Colorado borrowed over $1 billion from the federal government (through a Title XII advance) in order to continue providing unemployment benefits to Coloradans who were impacted by the global pandemic through no fault of their own.
While this debt was initially offered with 0% interest, interest began accruing in September of this year. The first payment is due September 30th. Colorado used Coronavirus Relief Funds (CRF) to pay the interest due on this debt from September (approximately $1.5 million). Interest on the debt is due annually every September 30th. Colorado plans to use CRF to pre-pay interest for the rest of the 2021 calendar year (for four months of interest totaling roughly $6 million total).
This summer, Governor Polis called upon Congress to extend the 0% interest on borrowing which lapsed in September, for five years.
The Polis administration in partnership with state legislators has cut taxes for and is making significant investments to help our small businesses build back better, create jobs, and is now in the process of implementing this historic legislation and getting funds out into the community to power the Colorado comeback. This year, the Polis administration has provided:
- $186 million in relief for small businesses including those hit hard in the service and tourism industries
- $40 to 50 million in sales tax relief for small restaurants and bars
- $31 million toward lending institutions that cater to “historically underserved” entrepreneurs
- $15 million in one-time grants to small businesses, with a priority for rural, women, minority, and veteran-owned businesses
- $10 million in relief for arts and culture organizations
- $10 million in funding to incentivize and retain events in Colorado
- Over $1.5 million to foster the growth of existing Colorado companies