The Legislative Task Force on Economy Recovery heard from Loren Furman, Senior VP of Governmental Affairs, Colorado Chamber, and other members of the business community on the challenges employers have been facing and that are threatening the State’s long-term economic recovery.
Based on surveys of Chamber members, Furman shared the challenges raised by employers statewide regarding the continued labor shortage and the consequences due to shortages including business closures, increased costs for consumers and reduced services and hours. Furman also raised concerns about the unemployment insurance premium increases that will impact all employers due to the $1 billion deficit of the Unemployment Insurance Trust Fund and thousands of fraudulent claims.
The responsibility of the bi-partisan Task Force is to recommend how the remaining federal stimulus funds that Colorado received will be spent. Furman emphasized the importance of using those funds to backfill the huge deficit of the Trust Fund so that employers won’t be penalized through tax increases based on government restrictions or shut-downs imposed on them beginning in March 2020. The Task Force will issue its recommendations by December 17, 2021.
Source: Colorado Chamber of Commerce