The state Department of Employment and Workforce has made a second early voluntary payment of $126 million to the federal government for the agency’s unemployment trust fund loan, saving the state $660,000 in interest.
The early payment will also allow the state to apply for a fourth consecutive Federal Unemployment Tax Act (FUTA) credit reduction. If approved, the FUTA credit reduction will avoid higher federal unemployment taxes for South Carolina businesses.
“This is exactly the kind of fiscally responsible move we’ve come to expect from Gov. Nikki Haley’s administration,” said Ben Homeyer, state director of NFIB/South Carolina. “Small-business owners can feel confident knowing the debt is being paid off as quickly as possible while
ensuring that businesses that are following best practices do not see rate increases.
ensuring that businesses that are following best practices do not see rate increases.
“This is one less thing hanging over the heads of South
Carolina’s small-business owners.”
Carolina’s small-business owners.”
