This is how much Colorado’s mountain communities stand to lose without skiing, restaurants, bars and lodging
Skiers in Colorado’s mountain towns spend big money in March and early April.
Colorado’s Office of State Planning and Budgeting on Monday projected the spread of COVID-19, the disease caused by the coronavirus, posed “a significant risk” to the state’s economy. The office projected that revenues coming into the state’s General Fund would fall by more than $300 million in fiscal 2019-20, which ends June 30, and more than $400 million in fiscal 2020-21, which begins July 1.
It’s hard to assess the exact economic damage a mountain community suffers when it loses half of the ski season’s busiest month.
In the Vail Valley, businesses were bracing for a looming closure order that followed other high-country counties. The Vail Valley Partnership outlined resources available through the Small Business Administration, including steps business owners need to take to qualify for disaster and economic injury loans.
“We know the economic impact of this has the potential to be as impactful as the illness component, maybe even more,” said Chris Romer, the respondent and CEO of the Vail Valley Partnership.
Read more via The Colorado Sun.
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