(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
(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
(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.
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