NFIB New York State Director Ashley Ranslow expressed support for the recent actions taken by Governor Hochul and the state Legislature to address New York’s federal Unemployment Insurance (UI) debt, which accumulated during the pandemic. For four years, small businesses in New York have paid over $5 billion in higher taxes and surcharges to cover this debt.
Ranslow stated, “For the last four years, New York’s small businesses have paid more than $5 billion through higher taxes and surcharges to pay off the state’s federal Unemployment Insurance debt. Thanks to Governor Hochul and the Legislature, small businesses will no longer shoulder this unnecessary financial burden caused by the pandemic. At a time when small businesses continue to contend with rising costs, this relief will help Main Street keep the lights on, fuel our economy, create jobs, and support our local communities.”
The UI trust fund had faced significant strain as a result of increased unemployment claims during COVID-19 restrictions. The decision to relieve small businesses from further payments comes as many are still recovering from economic challenges experienced throughout the pandemic.
