U.S. Sen. Cory Gardner speaks to Colorado Business Roundtable

BY FREDA MIKLIN GOVERNMENTAL REPORTER

On July 2, Colorado U.S. Senator Cory Gardner appeared virtually for a 40-minute roundtable discussion with members of the Colorado Business Roundtable (COBRT).

Gardner talked about the Great American Outdoors Act. He explained that it would “put $900 million a year into the Land and Water Conservation Fund” and address “over $500 million in deferred maintenance in national parks and forests in Colorado.” Gardner introduced the bill, which passed the Senate 73- 25 and is expected to be heard in the House later this month.

Kathie Barstnar, the board member at Denver Metro Chamber Leadership Foundation and president and CEO of Whiting Management Resources, asked Gardner if he saw any movement at the federal level on business insurance related to the COVID-19 pandemic. Said Gardner, “Business continuity insurance or business interruption insurance “is a conversation that continues. It is something that …hopefully we’ll get to a solution that …. will get some of that burden sharing, which is what we buy insurance for.”

Chris Jensen, senior vice-president of partnerships and business development at Ibotta, Inc, said, “Our chief economist believes the Paycheck Protection Program (PPP) is very well designed. Is it working? What happens when it runs out?”

The senator responded, “I’m meeting with (U.S. Treasury Secretary) Mnuchin today. On the main street lending side, he believes that this is the most difficult and complex component of the loan program. There has been limited utility in some parts of it because of some state laws, including in Colorado. We need to figure out how to make it more usable. I will bring up your concerns with Mnuchin.”

When Jensen pointed out that “there is risk sharing with banks, which is a concern,” Gardner said, “We have about $130 billion remaining in the PPP. People started returning money because they weren’t sure if they were going to be in compliance.”

On July 4, President Trump signed legislation to extend the program until August 8. Gardner added, “I’d like to see (the program extended to) Dec. 31 to provide longer term impact to keep people employed. Let’s let 501(c) (6)’s into the program, get them included in the next package. We have to build confidence in the economy; without confidence we won’t have an economy.” According to the Internal Revenue Service, a 501(c)(6) “is a tax exempt business organization, including chambers of commerce, real estate boards, boards of trade, and professional football leagues which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual.” Under current rules, 501(c)(6)’s are presently excluded from participating in the PPP.

Frannie Matthews, president and CEO at Colorado Technology Association, said, “We did a similar survey of Colorado tech companies. We found that there’s an optimism in tech, but they’re holding back dramatically on employment and it’s all around uncertainty.”

Gardner agreed, adding, “I spoke to the general manager of Gaylord (Gaylord Rockies Resort and Convention Center in Aurora). They had 1,400 employees, they’re back to 300 now. People are calling about 2021 conventions ask ing how many people they can have in a room and no one knows.”

Raising another popular issue with the senator, Matthews said, “People in Colorado are being productive in home offices, but about 14 percent of rural Colorado still doesn’t have access to high speed internet.”

Agreeing again, Gardner said, tongue-in-cheek, “I can find five bars in my town (Yuma, population 3,460) but not on my phone. I proposed a bill that would generate as much as $6 billion to $8 billion for rural broadband. We are trying to let FCC put forward $7 billion to $8 billion now to get that done and repay it later (after legislation passes). We need to get this going now.”

Also raised with Gardner were the issues of additional state and local assistance for losses due to the COVID-19 pandemic, funding for infrastructure, and future critical supply chains for medical equipment within the United States.

Colorado Business Roundtable (COBRT) is affiliated with National Business Roundtable based in Washington, D.C., an “association of chief executive officers of leading U.S. companies working to promote sound public policy and a thriving U.S. economy.” In our state, COBRT engages “with elected leaders, business and nonprofit leaders, and other strategic allies to improve the business climate in our state by unapologetically amplifying the voice of business in all four corners of Colorado.” Member partners of COBRT include JP Morgan Chase and Co., Colorado State University Global, FirstBank, Lockheed Martin, Jacobs, Colorado Office of Economic Development and International Trade, Centura Health, Crown Castle, the country of Canada, and Colorado Oil and Gas Association. Fmiklin.villager@gmail.com