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. For that reason, NFIB is calling on the Governor and legislature to quickly approve legislation to offset the massive unemployment insurance tax that is headed your way. Without action, every business will pay more — regardless of whether they laid off workers during the pandemic.
Dedicating these 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. Allocating sufficient funds to the state’s unemployment compensation systems from recent federal pandemic relief programs, 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!