Neighbor News
Hike in unemployment insurance will impact Colorado entrepreneurs
Looming unemployment insurance hike can be addressed during this year's Colorado legislative session
Small Business Majority's Colorado Director Lindsey Vigoda writes in response to an article about the looming unemployment insurance hike for small business owners due to the rise in unemployment claims during the pandemic.
During this year’s legislative session, state officials have the opportunity to bring about measures that will support small business recovery for years to come. Among those critical measures include replenishing the Colorado Unemployment Insurance Trust Fund, a fund largely depleted due to the exorbitant number of unemployment claims filed during the COVID-19 pandemic.
Many small employers are concerned about the looming hike in unemployment insurance fees, which would require them to pay out of pocket to make up for the difference, further setting them behind on their journey to recovery. Replenishing the Unemployment Insurance Trust Fund can provide relief for small employers in Colorado amid reduced revenues. In doing so, lawmakers should create an equitable system so that the smallest businesses receive the most relief possible.