New York businesses are being told they have to help pick up the tab for interest the state owes on federal unemployment insurance loans.
The state Department of Labor says the maximum payment will be $21.25 per employee, due by August 15.
The recession led New York and other states to borrow interest-free from the federal Unemployment Trust Fund to float their jobless programs. The labor department says New York borrowed $3 billion in 2009 and 2010 and $95 million in interest is due because Congress didn’t not extend the interest-free provision.
It says businesses will get a credit or refund of the “Interest Assessment Surcharge” if that provision is restored.
The surcharge is based on a percentage of total taxable wages paid between October 2009 and September 2010.
Topics New York
Was this article valuable?
Here are more articles you may enjoy.
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Brookfield Targets Global Dominance in P/C Insurance Coverage 
Zillow Deleting Home Climate Risk Scores Reveals Limits of Flood, Fire Data 
Owner of Historic Minnesota Resort Charged With Arson, Insurance Fraud 
