In 2009, New York borrowed over $4 billion from the federal Unemployment Insurance (UI) Trust Fund. As I always say, nothing is ever free!
The interest due in 2012 on this loan is $102 million. This means, if they haven’t already, employers will soon be receiving a bill from the state to cover the interest of this loan. In 2011, employers paid a maximum of around $21/employee and this year the rate is reduced – setting the new maximum at $12.75/employee.
The state must pay the interest to the Feds by September 30, 2012. Employers will have 30 days from receipt of the bill to pay up, thus creating yet another barrier for the very people trying to create jobs..
For more information click here: http://www.labor.ny.gov/ui/employerinfo/interest-assessment-surcharge.shtm
For Frequently Asked Questions click here: http://www.labor.ny.gov/ui/employerinfo/interest-assessment-surcharge-faq.shtm