Ben Homeyer, state director of the National Federation of Independent Business, released the following statement today in response to the state Department of Employment and Workforce’s second cut in the unemployment insurance tax rate in two years:
“This is a big deal to South Carolina’s small businesses, because it means they can keep more of the money they earn and use the money to grow their businesses and create jobs.”
The 2016 tax rate represents an average reduction of 17.1% over last year’s rate, saving businesses more than $69 million.
“Small-business owners were worried when the state had to borrow almost $1 billion from the federal government to cover the cost of unemployment benefits at the depth of the Great Recession, but Governor Haley and legislative leaders worked hard to pay off that loan early, saving the state millions of dollars in interest.
“This week’s announcement underscores just how far we’ve come in a few short years. On behalf of our members, I want to thank Governor Haley for continuing to help strengthen South Carolina’s economy by helping its small, family businesses.”
NFIB/South Carolina is the state’s leading small-business association. To learn more, visit www.NFIB.com/SC or follow @NFIB_SC on Twitter.
