DENVER (CBS4) – The state of Colorado announced it will pay qualified Coloradans $375 in an effort to curb the economic effects of the coronavirus pandemic. The stimulus will be a one-time payment for 435,000 Coloradans making less than $52,000 per year.
On Wednesday, Gov. Jared Polis signed an executive order using $168 million for the payments. He says those receiving federal unemployment benefits haven’t had any relief since Sept. 5.
“The State will help fill this gap left by federal inaction by sending one-time direct payments,” the governor’s office stated in a news release.
Here’s where the state says the money will come from:
- $148.9 million in anticipated reversions to the General Fund from the Medical Services Premium line due to lower than estimated growth in Medicaid enrollment and an extension of federal matching funds
- $13.8 million in existing funds in the Disaster Emergency Fund
- $5.3 million from the Controlled Maintenance Trust Fund
“I am taking swift action in close consultation with legislative leadership and members of the JBC (Joint Budget Committee) to direct immediate payments to people whose lives and jobs have been hurt due to the COVID-19 pandemic,” said Polis.
The Colorado Department of Labor and Employment says qualified Coloradans will be workers who received at least one dollar in unemployment benefits starting March 15 through Oct. 24.
“CDLE anticipates these much needed direct payments to reach 65% of all unemployment claimants since March 15, with a distribution across all 64 Colorado counties,” the governor’s office stated.
The payments will be processed on Dec. 4.