{"id":37598,"date":"2021-03-15T17:54:02","date_gmt":"2021-03-15T17:54:02","guid":{"rendered":"https:\/\/www.vailvalleypartnership.com\/?p=37598"},"modified":"2021-03-16T21:52:44","modified_gmt":"2021-03-16T21:52:44","slug":"stimulus-packages-help-business-regain-traction-to-lead-recovery","status":"publish","type":"post","link":"https:\/\/www.vailvalleypartnership.com\/2021\/03\/stimulus-packages-help-business-regain-traction-to-lead-recovery\/","title":{"rendered":"Stimulus packages help business regain traction to lead recovery"},"content":{"rendered":"

Business support key to state and federal stimulus packages<\/strong><\/h3>\n

On March 11, 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a global pandemic. One year later, businesses are taking the lead on recovery and resilience with the support of state and federal government.<\/p>\n

Last week, Governor Polis and legislative leadership announced initial details of the latest $700M\u00a0state stimulus package<\/a>. On the footsteps of the state stimulus, the federal government also enacted a stimulus of $1.9T last week. A significant amount of money will be available for state and local appropriation as a result of this federal package.<\/p>\n

The state stimulus focuses on five key areas to help Colorado recover. The plan will utilize one-time funding available as a result of improved economic projections for the current state budget year.<\/p>\n

The state plan focuses on strengthening small business through funding to the Energize Small Business Gap Fund, relief for Arts\/Culture organizations, restaurant sales tax relief, incentives for events & conferences, and the Colorado Startup Loan Fund. Additional areas of focus include revitalizing our infrastructure, supporting families, investing in rural Colorado, and workforce development. These efforts recognize the role business plays in our continued recovery.<\/p>\n

On Thursday of last week, President Biden signed the\u00a0$1.9 trillion COVID-19 aid reconciliation bill<\/a>, coined the \u201cAmerican Rescue Plan.\u201d The headlines for the $1.9 trillion COVID-19 aid reconciliation bill are centered around the direct support to citizens including a $1,400 stimulus check, the extension of unemployment benefits through September 6 and increase payments to $300\/week (with the first $10,200 in benefits being non-taxable), and changes and expansions to the child tax credit. Changes include making the child tax credit fully refundable instead of partially refundable and increased to $3,600 for children under 6 and $3,000 for children 7-17.<\/p>\n

The American Rescue Plan Act is more than direct citizen support; it also provides additional relief for small businesses and hard-hit industries for programs the Small Business Administration is currently administering and adds new efforts to support our business community, including:<\/p>\n