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Small Businesses Once Again Saddled with Paying the Interest on New York’s UI Debt

Small Businesses Once Again Saddled with Paying the Interest on New York’s UI Debt

July 24, 2023

New York remains one of the only states with remaining UI debt that has not used federal funds to provide small businesses much-needed relief.

Small Businesses Once Again Saddled with Paying the Interest on New York's UI Debt

FOR IMMEDIATE RELEASE ALBANY, NY (July 24, 2023) – The National Federation of Independent Business (NFIB), New York and the nation’s leading small business advocacy organization, today released the following statement by NFIB State Director Ashley Ranslow: “Once again, New York’s small businesses are paying the interest on New York State’s $6.5 billion Unemployment Insurance debt. The New York State Dept. of Labor’s recent notification that businesses are on the hook for paying an ‘Interest Assessment Surcharge’ remains unconscionable. The state’s UI debt was a direct result of pandemic-related public policy decisions made by state officials. Instead of taking responsibility, New York’s leaders would rather drag their feet and do nothing, while small businesses continue to shoulder the burden during a period of historic inflation, labor shortages, high energy costs, and an uncertain economic outlook. For three years now, NFIB has called on the state to use federal pandemic relief to pay off the outstanding UI debt and interest surcharge, but our calls remain unanswered. More than 35 states with UI trouble have contributed funds to their debt to mitigate the massive tax hikes and surcharges; New York has not allocated a single penny. Small businesses have heard the message loud and clear – New York State does not have their backs and has no interest in helping Main Street.”

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.
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