Polis administration saves 75% of Colorado small business money on UI
DENVER, Colorado (press release) – The Polis administration today announced that three-quarters of small businesses in Colorado will save on unemployment insurance thanks to the actions of the Polis administration.
âProviding savings to our small businesses and their teams is a top priority as we rebuild better since before the pandemic. As an entrepreneur and small business owner, I know firsthand that any level of help is helpful and I am proud that our administration is at the forefront of fiscal responsibility, âsaid Governor Jared Polisâ With this Responsible action, about three-quarters of Colorado employers save money and will not incur additional surcharges to cover the cost of that interest.
During the global pandemic, Colorado borrowed more than $ 1 billion from the federal government (through a Title XII advance) in order to continue providing unemployment benefits to Coloradans who have been affected by the global pandemic. through no fault of their own.
While this debt was initially offered at 0% interest, interest began accruing in September of this year. The first installment is due September 30. Colorado used the Coronavirus Relief Funds (CRF) to pay the interest owed on this debt starting in September (approximately $ 1.5 million). Interest on the debt is due on September 30 each year. Colorado plans to use the CRF to prepay interest for the remainder of the 2021 calendar year (for four months of interest totaling about $ 6 million in total).
This summer, Governor Polis asked Congress to extend the 0% interest rate on loans that matured in September for five years.
The Polis administration, in partnership with state lawmakers, has cut taxes and made significant investments to help our small businesses rebuild better, create jobs, and is now in the process of implementing this landmark legislation. and donate funds to the community to fuel The Colorado Returns. This year, the Polis administration provided:
- $ 186 million in aid for small businesses, including hard-hit ones in the service and tourism sectors
- $ 40-50 million in sales tax relief for small restaurants and bars
- $ 31 million for lending institutions that cater to âhistorically underservedâ entrepreneurs
- $ 15 million in one-time small business grants, with a priority for rural businesses, women, minorities and veterans
- $ 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 help grow existing Colorado businesses
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