Connecticut small business leaders will hold a press conference with legislators at 1 pm, 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-driven unemployment compensation benefit claims after the unemployment trust fund became insolvent.

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 $463 million loan balance—and face four years of tax hikes, beginning this fall, to cover those repayments.

 Speakers include:

  • Keith Beaulieu, owner, The Main Pub, and chair, Connecticut Restaurant Association
  • House Republican Leader Vincent Candelora (R-North Branford)
  • Chris DiPentima, president and CEO, CBIA
  • Senate Republican Leader 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 pm 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, small and large, representing a diverse range of industries from every part of the state. For more information, please contact Ali Warshavsky (860.244.1929).