Governor Kathy Hochul has decided to utilize state cash reserves to cover a $7 billion unemployment insurance debt that businesses have incurred due to the pandemic. This decision aims to relieve small businesses from the financial burden resulting from extra penalties and costs they were facing. Although businesses hoped to access federal funds to alleviate their debts, that money was allocated elsewhere. Alongside this, unemployment benefits are set to increase, addressing the financial struggles of unemployed workers and the broader economic challenges faced by New York State.
"Increasing the maximum unemployment insurance benefit and addressing the unemployment trust fund deficit are critical steps toward supporting unemployed workers struggling to make ends meet while providing relief to employers."
"This has created an incredible burden on our employers, our small businesses in particular, who've been paying extra penalties and costs into the unemployment insurance fund, and I want to alleviate that."
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