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October 14, 2020

Gov. Kemp Announces Effort to Restore the UI Trust Fund

Today, Governor Kemp announced that the state will use $1.5 billion in funding from the CARES Act to backfill the Unemployment Insurance Trust Fund to prevent increases in state and federal unemployment taxes.

 

The Georgia Department of Labor estimated that unemployment taxes would have to be increased by 300%-400% in order to pay back loans taken during the pandemic.  

 

“Georgia's Unemployment Insurance Trust Fund provides an essential safety net for our workforce, particularly in tough times, as we are experiencing in 2020 due to COVID-19. Gov. Kemp's decision to direct these funds to replenish the trust fund is welcome news. It will boost our state’s economic recovery by allowing employers to put resources back into their businesses and bring on additional employees rather than paying higher taxes,” said Marshall Guest, Senior Vice President, Public Policy, Business Climate at the Metro Atlanta Chamber.

 

Read Governor Kemp’s full release here.

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