On Jan 4, 2021, Governor Phil Murphy signed A-4853/S-3011 to reduce businesses’ UI contribution rate for a period of time to continue supporting our small businesses impacted by the COVID-19 pandemic.

“COVID-19 continues to pose economic challenges to businesses across the state,” said Governor Murphy. “Today’s bill signing will alleviate the financial burdens many businesses are facing and help them get back on their feet during this difficult time.”

This legislation will reduce the amount of an employer’s unemployment taxes through Fiscal Year 2023.  Additionally, the bill will permit non-profit and governmental employers that elect to make UI payments equal to the full amount of benefits paid to individuals attributable to service in the employ of the non-profit or governmental employer to reduce their UI benefit payments by 50% for the duration of the public health emergency. The bill will result in cost savings to State entities, public institutions of higher education, local governments, and school districts during the pandemic. The short-term savings will be made possible by federal unemployment insurance advances. The recently enacted federal stimulus package extended interest-free borrowing of these loans through March 14, 2021.

“COVID-19 continues to pose economic challenges to businesses across the state,” said Governor Murphy. “Today’s bill-signing will alleviate the financial burdens many businesses are facing and help them get back on their feet during this difficult time.”

“Many New Jersey businesses are struggling right now, and we cannot allow them to be further penalized by a rise in Unemployment Insurance costs when layoffs were the only option for them to save their business,” said Senate President Steve Sweeney. “This law will be influential in preventing further economic damage to our businesses and communities.”

Please contact your CCC Account Executive if you have any additional questions.


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