CO SB066

State treasurer transfers $1.1 billion from general fund to unemployment compensation fund on July 1, 2022, to restore pre-pandemic balance levels.

Director of unemployment insurance division repays federal government $1.014 billion in advances received during COVID-19 pandemic response on July 1, 2022.

Colorado's unemployment fund became insolvent August 18, 2020, after jobless rate increased from 2.5% to 10.5% between February and June 2020, requiring federal borrowing.

General assembly recognizes unemployment payments provided critical support to Colorado families and that placing repayment burden on employers would delay economic recovery.