Business Roundup art

Business Roundup art

Compiled by Josue Perez.

Telluride Venture Network launches first investment bootcamp of 2021

The Telluride Venture Network is now accepting applications to the 2021 Investment Bootcamp. Applications are open through May 31, 2021. More information and applications for the bootcamp can be found at f6s.com/tva2021investment.

The bootcamp is for startup companies that are actively seeking equity or revenue-based investment, and serves companies based in Telluride and the Western Slope, and Colorado generally.

The bootcamp will be hybrid of in-person and virtual formats, and is expected to run from June 24 through July 8, culminating with Telluride Venture Network’s yearly Demo Day on July 7 at 4 p.m. at the Nugget Theater in Telluride.

CDLE announces more than $437 million in fraudulent claims prevented during pandemic

The Colorado Department has prevented $437 million in fraudulent employment payments during the pandemic. The department continues to increase fraud triggers while implementing new and aggressive tactics to prevent criminals from collecting undue employment benefits.

“While we have a responsibility to pay legitimate claimants as quickly as possible, we also have a fiduciary responsibility to protect the integrity of Colorado’s unemployment fund,” said CDLE Executive Director Joe Barela in a press release. “We have been on the forefront of identifying and detecting fraud since last summer, and with the help of our local and national law enforcement agencies, we hope to lead the way in prosecutions as well.”

CDLE, the Colorado Attorney General and law enforcement agencies created the Colorado Unemployment Fraud Task Force, with the intention to investigate and prosecute people involved in committing fraud against the state and the unemployment insurance system.

Since the start of the pandemic, the department has paid out $19.4 million in fraudulent payment benefits, and continues to investigate more than a million suspected fraudulent claims, and expect an increase throughout the year.

The increase in fraudulent activity has brought forth dozens of new automated fraud indicators. CDLE is requiring new and previous claimants to verify identities through technology partner, ID.me.

“We understand how frustrating this added step may be for legitimate claimants, and we are doing everything we can to clear any unnecessary holds in the most responsible way,” said CDLE Deputy Executive Director and Chief Communications Officer Cher Haavind. “We are dedicated to making sure we are providing eligible claimants the funds they need to weather the financial impacts of the pandemic, while also fulfilling our duty to protect Colorado’s Unemployment Insurance program from criminals.”

SBA announces Restaurant Revitalization Fund application and guidelines

The American Rescue Plan, signed into law by President Joe Biden, helped establish the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration. Now, the SBA will administer the funds to the small restaurants that have been hit the hardest by the pandemic.

The SBA will establish a seven-day pilot period for the Restaurant Revitalization Fund (RRF) portal and conduct extensive outreach and training, and to test out technical issues before launch.

Following the pilot, the application portal will be open to the public, with the official launch date to be determined. For the program’s first 21 days, SBA will prioritize reviewing applications from businesses owned by woman, veterans and socially and economically disadvantaged individuals. After the 21 days, all eligible applications are encouraged to submit an application.

Details on application requirements, eligibility and a program guide are available at www.sba.gov/restaurants, and also available in Spanish at www.sba.gov/restaurantes.

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