Have a business in New York? Expect a bill from the Department of Labor
If you have a business in New York State, you should expect a bill from the New York Department of Labor.
According to Paychex, the New York Department of Labor (DOL) paid more than $110 billion in unemployment and pandemic unemployment benefits between March 2020 and September 2021 as a result of COVID-19. This depleted the Unemployment Insurance (UI) Trust Fund. New York then borrowed $9.2 billion from the federal government to maintain UI and pandemic benefits while the COVID-19 programs were in effect
State law requires employers to pay an annual Interest Assessment Surcharge (IAS) on the federal loan.
You should receive the invoice sometime in July and payment is due September 30.