New Jersey’s Unemployment Insurance (UI) Fund was decimated during the unemployment crisis caused by the COVID-19 pandemic and resulting government restrictions and shutdowns. Although steps have been made to begin to replenish the fund, more action is needed.
For that reason, NFIB is calling on Governor Murphy and the Legislature to quickly approve Senate Bill S733 in order to offset the massive unemployment insurance tax that is headed your way. Otherwise, every business will pay more — regardless of whether they laid off workers during the pandemic.
Dedicating federal funds will energize the state’s economy, and as a result of avoiding a costly tax increase, small business owners can regain confidence as they hire and maintain their employees. This senate bill will allocate sufficient funds to the state’s unemployment compensation systems from recent federal pandemic relief programs and mitigates increased unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency. Thirty two other states have already taken similar action. Small business owners like you did not create the unemployment crisis, and you shouldn’t have to pay for it!
The Senate Labor Committee will hold a hearing on this vital legislation, S733, on March 7, and so it’s urgent that lawmakers hear from you now.
Contact your elected officials and ask them to help rescue tens of thousands of small businesses who are facing massive tax increases through no fault of their own.