Colorado to give one-time coronavirus stimulus check of $375

Published on

Negotiations for the next stimulus package have likely hit a dead end with just a week before the election. However, this might not stop some Coloradans from getting another stimulus check. Colorado Governor Jared Polis announced that they would give a one-time coronavirus stimulus check of $375 to Coloradans impacted financially by the coronavirus pandemic.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q3 2020 hedge fund letters, conferences and more

Who qualifies for $375 one-time payment?

In a press release on Wednesday, Polis said they would be sending a stimulus check to about 435,000 Coloradans, distributing about $163 million to state residents. This one-time payment will be distributed in December to "qualifying individuals ... whose lives and jobs have been hurt due to the COVID-19 pandemic."

Polis signed the executive order on Wednesday asking the CDLE (Colorado Department of Labor Employment) to make this one-time payment to Coloradans. As per CDLE, Coloradans earning less than $52,000 annually will qualify for the payment.

Another eligibility requirement is that the person must have received at least some unemployment benefits from March 15 to October 24. Also, the person should have been monetarily eligible for a weekly benefit of $25-$500 from March 15 to October 24.

“Colorado can and should act now to help the hardworking people who will help lead us out of this challenging time and that’s what we’re doing today," the Governor said.

CDLE estimates that the payment would reach about 65% of the people who filed for unemployment benefits since March 15. Further, the CDLE says that since March, 581,334 regular unemployment initial claims have been filed, while the total claims, including federal PUA benefits, were 751,602.

How is Colorado funding coronavirus stimulus check?

To give a one-time payment to the Coloradans, Polis has transferred about $5.3 million from the state's controlled maintenance fund, $13.8 million from the Disaster Emergency Fund and $148.9 million from the Medical Services Premium. The transfer from Medical Services Premium has been possible due to less than expected growth in Medicaid enrollment and the extension of federal matching funds.

Those eligible for the one-time payment are not required to take any action, the officials say.  They will be contacted by CDLE if they are eligible for the $375 stimulus payment. Officials, however, request the claimants to ensure their information is updated by logging in to their benefits account.

This one-time payment has been tied to unemployment insurance. So, these payments will be issued from the state’s unemployment insurance system to the eligible Coloradans. As per Polis, many Coloradans haven’t got the federal unemployment benefits since early September.

“Washington, DC, has failed to act to provide additional direct cash support for hardworking Coloradans and to further stimulate the economy, so today Colorado is boldly doing our part to help our own,” Polis said in a statement.

Polis’ executive order states that all the one-time payments should be sent to the eligible individuals no later than December 4, 2020.