Accelerating costs of Proposition 118 will be difficult for Coloradans to keep up with
DENVER, Oct. 20, 2020—The money is coming in from around the nation, but the state director for Colorado’s largest and leading small-business association today asked if a single out-of-state donor will be so quick to write a check when the full effects of Proposition 118 hit, should the ballot initiative pass on November 3.
“High anxiety is more than a Mel Brooks film, it’s what every small-business owner in Colorado is feeling now,” said Tony Gagliardi, Colorado state director for NFIB, the voice of small business. “Add to the constant nagging worry of not having any liability protection from an unfair COVID-19 lawsuit filed against him or her, Prop. 118, should it pass, is holding out forever spiraling costs for Main Street enterprises. And, speaking of spikes in the cost of doing business, what people forget is that the unemployment insurance taxes small-business owners by law must pay are set to unavoidably soar. Sad to say, but right now, I wouldn’t encourage anyone to set up a small business in Colorado.”
- Colorado is one of 20 states that have asked for a federal loan to meet its unemployment obligations, according to Pew Research. According to the U.S. Treasury Department, Colorado has been given a line of credit for $451.7 million, from which it has drawn $101.9 million this month alone as of October 19 at 2.4 percent interest.
- While other neighboring states rallied to give their small businesses legal protection against COVID-19 lawsuits, our Legislature did nothing and Congress likely it will punt the issue as well.
- As for the out-of-state money coming in for Prop. 118, Gagliardi said everyone should be appalled and aghast at it. “You have to search 11 places down to find the first Coloradan’s donation. Muscling ahead of his paltry, by comparison, donation are three Washington D.C.-based cause groups, Sixteen Thirty Fund ($2.6 million), North Fund ($2.1 million), and The Fairness Project ($270 thousand).”
Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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