SB 22-066

Senate Bill 22-066 aims to replenish Colorado’s unemployment insurance fund by transferring $1.1 billion from the state's general fund. This transfer will help pay back a federal loan of about $1.014 billion that was taken during the pandemic to support unemployed Coloradans. The bill has been signed into law, meaning the funds are now being moved as planned and the repayment process to the federal government is underway. This action primarily affects the state’s financial management and ensures better support for those who rely on unemployment benefits in Colorado.

Official Summary

The bill: Requires the state treasurer to transfer $1.1 billion from the general fund to the unemployment compensation fund (fund) to restore the balance of the fund to the fund's pre-pandemic level; and Requires the director of the division of unemployment insurance to repay the federal government for $1.014 billion of advances received from the federal government in responding to the COVID-19 pandemic.(Note: This summary applies to this bill as introduced.)