Assemblyman Angelo Santabarbara announced today that New York State has fully repaid its federal unemployment insurance (UI) debt – a move that lifts a major financial burden off the backs of small businesses across the state.

“This is a win for the thousands of businesses in our communities that have been carrying the weight of unemployment insurance surcharges for too long,” said Santabarbara. “By paying off this debt, we’re eliminating a hidden tax that was slowing down recovery and punishing businesses that did everything they could to survive the pandemic.”

The repayment of the UI debt means employers will no longer be subject to annual interest assessments tied to the federal loan New York took out during the COVID-19 crisis. The move is expected to save businesses millions of dollars in the years ahead.

“Small businesses are the backbone of our economy. This action is long overdue – and I’m proud to have supported it,” Santabarbara added.