Small Business Press Conference on State Unemployment Debt Crisis » CBIA
Connecticut small business leaders will hold a press conference with lawmakers at 1 p.m. Tuesday, April 12 to address the state’s unemployment trust fund debt crisis.
The state borrowed $888 million from the federal government to cover pandemic-related unemployment compensation claims after the insolvency of the unemployment trust fund.
To date, $425 million in loan repayments have been made, with employers covering $300 million and federal COVID relief funds repaying $125 million (plus $26 million in interest).
Employers are responsible for the remaining balance of the $463 million loan and face four years of tax hikes, starting this fall, to cover those repayments.
- Keith Beaulieu, Owner, The Main Pub, and President, Connecticut Restaurant Association
- House Republican Leader Vincent Candelora (R-North Branford)
- Chris DiPentima, President and CEO, CBIA
- Republican Leader in the Senate Kevin Kelly (R-Stratford)
- Carmen Romeo, Owner, Fascia’s Chocolates
- Wendy Traub, Chief Financial Officer, Hemlock Directional Boring, Inc.
The press conference begins at 1 p.m. in front of the north side of the State Capitol. Media wishing to attend should contact Ali Warshavsky.
CBIA is Connecticut’s largest business organization, with thousands of member companies, large and small, representing a wide range of industries from all regions of the state. For more information, please contact Ali Warshavsky (860.244.1929).