Business Coalition Led by Colorado Chamber Secures Bipartisan Compromise
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DENVER – The Colorado Chamber of Commerce today released the following statement following the announcement of a $600 million proposal to replenish the Unemployment Insurance Trust Fund (UITF). The legislation comes after months of negotiations between the bill sponsors and the Colorado Chamber, which led a powerful business coalition calling for economic relief.
“Colorado businesses have endured one of the most challenging economic environments in our state’s history,” said Colorado Chamber President and CEO Loren Furman. “Through no fault of their own, many were forced to close and lay off valued employees, which has put them on the hook for the depletion of the UITF. After months of negotiations, this bill is an important first step in providing real relief to Colorado businesses. While we are still in need of a long-term solution, these funds will prevent significant unemployment premium increases, which will in turn help Colorado workers and local communities across the state.”
Replenishing the UITF has been a top priority of the Colorado Chamber for the past year and the organization has raised serious concerns about the impact of premium increases on economic recovery. In October 2021, Furman addressed the interim Task Force on Economic Recovery and identified UI relief as the top issue facing employers. Chamber members have also spoken at length about the impact these premium increases would have on operations, from employee wages to consumer costs.
The Chamber has led a coalition of more than 75 business entities calling on legislators to provide unemployment insurance relief and has been instrumental in negotiations with the bill sponsors on this initiative. In January, the coalition sent a joint letter to legislators asking for support of Gov. Polis’ $600 million proposal for UI relief.
The bipartisan bill is sponsored by Sen. Chris Hansen, Sen. Bob Rankin, Rep. David Ortiz and Rep. Marc Snyder.
The Colorado Chamber of Commerce champions free enterprise, a healthy business environment and economic prosperity for all Coloradans. It is the only business association that works to improve the business climate for all sizes of business from a statewide, multi-industry perspective. What the Colorado Chamber accomplishes is good for all businesses, and that’s good for the state’s economy. It was created in 1965 based on the merger with the Colorado Manufacturers’ Association.