Ohio businesses should profit as the state completes paying off nearly a $1.5 billion loan it needed to cover unemployment benefits during the COVID-19 pandemic, Gov. Mike DeWine said.
DeWine announced Ohio began the process of repaying the U.S. Treasury Department using federal money from the American Rescue Plan. The action is expected to be completed Thursday. If the loan is not paid by Monday, the federal government would have charged the state 2.777% interest, which would mean higher unemployment taxes for employers.
“I am not willing to let our employers bear the unemployment debt burden caused by the pandemic,” DeWine said Wednesday. “By repaying this loan in full, we ensure that Ohio businesses won’t see increases in their federal unemployment payroll taxes.”
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