Colorado § 8-77-101.5 - CARES act funds - administration - transfer - unemployment compensation fund - legislative declaration.

§ 8-77-101.5. CARES act funds - administration - transfer - unemployment compensation fund - legislative declaration.

(1) The general assembly finds that:

(a) On March 27, 2020, the federal government enacted the "Coronavirus Aid, Relief, and Economic Security Act" ("CARES Act"), Pub.L. 116-136, pursuant to which Colorado received approximately one billion six hundred seventy-four million dollars from the federal coronavirus relief fund to use for necessary expenditures incurred due to the current COVID-19 public health emergency;

(b) The public health emergency caused by COVID-19 caused a historic increase in unemployment in the state and this has caused a dramatic increase in the number of claims for benefits from the unemployment compensation fund created in section 8-77-101;

(c) As a result, it is estimated that the unemployment compensation fund, created in section 8-77-101, will have a deficit of approximately two billion dollars by the end of fiscal year 2020-21;

(d) These costs will not be reimbursed by the federal government, nor are they accounted for in the budget approved as of March 27, 2020;

(e) The United States department of treasury has stated that payments to the state unemployment compensation fund, created in section 8-77-101, are an allowable use of the money from the federal coronavirus relief fund, under section 42 U.S.C. sec. 801 (d); and

(f) The transfer of money from the "CARES Act" to the state unemployment compensation fund, created in section 8-77-101, is a necessary expenditure incurred due to the public health emergency with respect to COVID-19.

(2) If, as of December 30, 2020, there is any unexpended money that the state received through section 42 U.S.C. sec. 801 (d) of the "CARES Act", then just prior to the close of business on December 30, 2020, the state treasurer shall transfer the unexpended amount of federal funds to the unemployment compensation fund created in section 8-77-101.

Source: L. 2020: Entire section added, (SB 20-207), ch. 296, p. 1475, § 10, effective July 14.