COLUMBIA, SC (AP) – Businesses in South Carolina will not see an increase in their unemployment insurance taxes next year, state officials said Thursday.
These employer tax rates will decrease or stay the same in 2022, labor officials said at a press conference.
South Carolina used hundreds of millions of dollars in federal coronavirus aid to replenish its unemployment trust fund after the pandemic recession strained the program. The fund has a current balance of approximately $ 1.19 billion.
The state has taken no loans to keep the fund afloat, a move that will save businesses money as South Carolina will not have to repay federal loans and interest, the governor said. Henry McMaster.
South Carolina borrowed nearly $ 1 billion from the federal government during the Great Recession to continue paying unemployment benefits. Lawmakers then passed new regulations requiring the Department of Employment and Manpower to replenish the fund so it could withstand a future recession without having to take out federal loans.
The state has paid more than $ 6.5 billion in federal and state unemployment benefits since the start of the pandemic, according to the employment agency.
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