George Borrello
State Senator George Borrello is joining others in calling on Governor Kathy Hochul to eliminate unemployment insurance fund debt.
Borrello joins all members of the State Senate Committee on Small Business, Commerce and Economic Development in a joint letter urging Hochul to dedicate state funds to paying off the roughly $6 billion in Unemployment Insurance (UI) Fund debt that is still owed to the federal government.
The Senators argue that this would provide an effective and long-term solution to alleviating inflation and reducing consumer costs..
The senators said the state’s UI Fund debt, accrued during the COVID-19 pandemic, has placed an undue financial burden on small businesses, forcing them to shoulder higher unemployment insurance premiums.
Borrello said that Hochul should have used federal aid received as a result of the pandemic to pay down the debt versus shifting the burden to businesses and employers through the Unemployment Insurance Assessment Surcharge (UIAS).
The senators are calling on Hochul to act swiftly and decisively to address the issue before it further impacts New York’s economy.
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