On Aug. 1, the state will send out “special assessment” bills to employers for interest due on $810 million in federal funds that the state borrowed to pay unemployment insurance benefits during the recession.
This year’s special assessment will be $7.50 per full-time employee—half the $15 that was assessed last year.
However, Connecticut still owes Uncle Sam $600 million.
Federal law does not allow the interest to be paid from funds employers pay into the state’s UI Trust Fund, so state law provides for a separate billing to collect the funds needed to pay interest charges.
Employers from Connecticut and many other states have been paying this assessment since 2011.
The notices will be dated Aug. 1, and employers will have 30 days from that date to make payment in order to avoid an interest charge.
Those that do not make full payment within 60 days will be subject to a fine.