Colorado lawmakers unveiled a bipartisan bill that aims to put $600M toward the state’s Unemployment trust fund to pay off more than half the debt Colorado owes to the federal government for supporting its unemployment payments during the recession.
Additionally, the sponsors of the bill said in a news conference Wednesday that it would extend some unemployment provisions that have been in place during the pandemic to help lower-wage workers, people excluded from receiving unemployment payments, and cut wait times for people seeking unemployment benefits.
Even though the federal government also rolled out several of its own unemployment programs later that spring, and further on during the pandemic, that money did not come from state funds. As unemployment has continued to drop since mid-2020, the CDLE and lawmakers have discussed needing to address the debt to the federal government. In January, CDLE Principal Economist Ryan Gedney said the department was working with lawmakers on solutions to paying back the fund.
That compromise was unveiled by Sen. Chris Hansen , Rep. David Ortiz , Sen. Bob Rankin and Rep. Marc Snyder on Wednesday. The sponsors praised the insurance the fund provided for unemployed Coloradans and said it had done exactly what it was designed to – provide insurance for people who might suddenly lose their jobs and need money to pay for rent, groceries and other necessities.
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