XPost: alt.politics.trump, alt.fan.rush-limbaugh, sac.politics   
   XPost: alt.politics.republicans   
   From: illegal-aliens@gmail.com   
      
   DENVER – Colorado’s unemployment trust fund is expected to become   
   insolvent early next week, but the state will borrow money from the   
   Federal Unemployment Account and people who are on unemployment should not   
   see any interruption in their benefit payments, state Department of Labor   
   and Employment officials said Thursday.   
      
   The state’s fund currently has less than $50 million in it, the CDLE’s   
   Senior Economist Ryan Gedney said Thursday, adding that he expects it to   
   become insolvent early next week.   
      
   When that happens, the state will borrow from the FUA account at zero   
   interest for the rest of the year – as 10 other states and the U.S. Virgin   
   Islands are already doing. Last week, Gedney said that Colorado was among   
   eight other states that had made loan requests under the expectation they   
   would also have to borrow from the federal government.   
      
   It won’t be the first time Colorado has had to borrow federal dollars to   
   pay regular unemployment benefits; it did so during the Great Recession,   
   as did around two-thirds of all states, and during the economic crash   
   during the early 1980s.   
      
   Gedney said that about 85% of the federal money borrowed so far during the   
   latest recession has been done by California, New York and Texas.   
      
   The state will be able to borrow at zero interest for the rest of the year   
   under measures passed by Congress, which could also extend the zero-   
   interest borrowing if it chooses to do so.   
      
   Colorado had about $1.1 billion in the trust fund at the start of the   
   COVID-19 outbreak. The state paid out just more than $70 million in   
   regular unemployment benefits last week. In total, the state has paid out   
   $4.5 billion in regular and various federal unemployment benefits since   
   the end of March.   
      
   CDLE Deputy Executive Director Cher Haavind said that the Colorado   
   business community agreed during the Great Recession to use bonds to get   
   out of the debt owed to the federal government and said the department   
   would be exploring different options to return the fund to solvency in the   
   months ahead.   
      
   Another 6,187 regular initial unemployment claims were filed by Coloradans   
   last week – the lowest number since the week ending March 14. And there   
   were 9,048 Pandemic Unemployment Assistance initial claims filed last week   
   by self-employed or gig workers.   
      
   Accommodation and food services continued to account for the highest share   
   of regular initial claims for the week ending July 25.   
      
   CDLE officials also discussed the FEMA Supplemental Payments for Lost   
   Wages program – what the Trump administration ordered after the Pandemic   
   Unemployment Compensation program was allowed to expire at the end of   
   July.   
      
   The executive order from President Trump authorized FEMA to use up to $44   
   billion in disaster relief funds to provide extra payments of $300 per   
   week if a state agrees to match with up to $100 and a person is receiving   
   at least $100 a week in some type of unemployment benefit.   
      
   Haavind said the department received guidance on the program Wednesday   
   night from the federal government but that Gov. Jared Polis’   
   administration was still deciding whether or not it would apply for the   
   funds and agree to the match.   
      
   But she said that if the state moves forward with the program, it will   
   likely take several weeks to reprogram the state’s systems and get the   
   added benefits flowing to people.   
      
   The CDLE’s Jeff Fitzgerald said his reading of the guidance was that there   
   would only be about $19 billion from the disaster relief fund available   
   since it can only be used down to $25 billion – and the $19 billion could   
   have money moved for upcoming disasters before it could potentially all be   
   used by December 26.   
      
   Fitzgerald said the state match would have to come from either state funds   
   or state CARES Act money and that the trust fund could also be leveraged   
   to make the match if the state decides to move forward with the program.   
   But he said estimates showed that moving ahead with the program could   
   generate between $60 million and $100 million into Colorado’s economy.   
      
   https://www.thedenverchannel.com/news/local-news/colorado-unemployment-   
   trust-fund-set-to-become-insolvent-next-week-state-will-borrow-from-feds   
      
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