NFIB New York State Director Ashley Ranslow

On August 14 in Schenectady, NFIB State Director Ashley Ranslow joined Governor Kathy Hochul and other top business and labor leaders to celebrate the state’s action to pay off the nearly $7 billion federal Unemployment Insurance (UI) Trust Fund loan — a move to bring the fund to solvency, increase benefits for unemployed New Yorkers, and cut costs to businesses.

For the past four years, State Director Ranslow and NFIB members made a vigorous and sustained advocacy push to prioritize this issue and educate state lawmakers about the crushing burden the pandemic UI debt placed on small business owners’ shoulders.

At the event with Gov. Hochul, Ranslow said, “For the last four years, New York’s small businesses have paid more than $5 billion through higher taxes and surcharges to pay off the state’s federal Unemployment Insurance debt. Thanks to Governor Hochul and the Legislature, small businesses will no longer shoulder this unnecessary financial burden caused by the pandemic. At a time when small businesses continue to contend with rising costs, this relief will help Main Street keep the lights on, fuel our economy, create jobs, and support our local communities.”

Noted Gov. Hochul: “[P]aying off the Unemployment Insurance Trust Fund loan will give workers and businesses a sense of relief and put real money back into the pockets of employers and workers alike. Businesses — and small businesses especially — are the backbone of New York’s economy and we are committed to ensuring they can continue to thrive here in New York.”

By paying off the debt, the state is putting money back in the pockets of business owners, whose contribution rates had continued to climb while the debt was paid down. Employers are projected to save an average of $100 per employee in 2026 and $250 per employee in 2027.