{"id":2884,"date":"2022-02-09T18:27:22","date_gmt":"2022-02-10T01:27:22","guid":{"rendered":"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/?p=2884"},"modified":"2022-03-01T12:45:52","modified_gmt":"2022-03-01T19:45:52","slug":"keiser-unemployment-insurance-tax-relief-will-help-small-businesses","status":"publish","type":"post","link":"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/2022\/02\/09\/keiser-unemployment-insurance-tax-relief-will-help-small-businesses\/","title":{"rendered":"Keiser: Unemployment insurance tax relief will help small businesses"},"content":{"rendered":"<p><strong>Update March 1<\/strong>: The House of Representatives has passed SB 5873 unanimously.<\/p>\n<p><strong>OLYMPIA <\/strong>\u2014 Washington businesses would see $214 million in unemployment insurance tax relief this year, with no use of state funds, under a bill passed by the Senate today.<\/p>\n<p>Unemployment insurance (UI) premiums have spiked due to surging demand during the pandemic.<\/p>\n<p>\u201cThe layoffs due to COVID-19 hit small businesses especially hard,\u201d said <a href=\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/\">Sen. Karen Keiser<\/a> (D-Des Moines), the bill\u2019s sponsor. \u201cThis bill will keep unemployment insurance premiums for all employers, and especially for small businesses, from going up as much as they otherwise would have.\u201d<\/p>\n<p><a href=\"https:\/\/app.leg.wa.gov\/billsummary?BillNumber=5873&amp;Initiative=false&amp;Year=2021\">SB 5873<\/a> would cut UI premiums for all employers in the state this year. It does that by decreasing the \u201csocial insurance\u201d portion of the tax, which falls disproportionately on small businesses. In 2023 the bill would provide additional relief to small businesses\u2014the 61% of Washington employers with 10 or fewer employees.<\/p>\n<p>In 2021, the Legislature put $2.2 billion in UI tax cuts back into the pockets of Washington\u2019s employers through <a href=\"https:\/\/senatedemocrats.wa.gov\/blog\/2021\/01\/27\/senate-passes-1-7-billion-in-unemployment-insurance-tax-relief\/\">SB 5061<\/a> and <a href=\"https:\/\/app.leg.wa.gov\/billsummary?BillNumber=5478&amp;Initiative=false&amp;Year=2021\">SB 5478<\/a>, both sponsored by Keiser. Those bills provided significant relief while also rebuilding the state\u2019s UI trust fund, one of the strongest in the nation.<\/p>\n<p>Due to strong UI trust fund growth, no state general funds need be used for this year\u2019s tax relief. SB 5873 is projected to drop the average UI tax rate in 2022 from 1.45% to 1.30% while only modestly reducing the ending trust fund balance in 2022 from 4.9 months of benefits to 4.6 months of benefits.<\/p>\n<p>SB 5873 now goes to the House of Representatives for consideration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Update March 1: The House of Representatives has passed SB 5873 unanimously. OLYMPIA \u2014 Washington businesses would see $214 million in unemployment insurance tax relief this year, with no use of state funds, under a bill passed by the Senate today. Unemployment insurance (UI) premiums have spiked due to surging demand during the pandemic. \u201cThe layoffs due to COVID-19 hit small businesses especially hard,\u201d said Sen. Karen Keiser (D-Des Moines), the bill\u2019s sponsor. \u201cThis bill will keep unemployment insurance premiums for all employers, and especially for small businesses, from going up as much as they otherwise would have.\u201d SB 5873&#8230;<\/p>\n","protected":false},"author":23,"featured_media":1457,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"disable_featured_image":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-2884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Keiser: Unemployment insurance tax relief will help small businesses - Karen Keiser Archive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/2022\/02\/09\/keiser-unemployment-insurance-tax-relief-will-help-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keiser: Unemployment insurance tax relief will help small businesses - Karen Keiser Archive\" \/>\n<meta property=\"og:description\" content=\"Update March 1: The House of Representatives has passed SB 5873 unanimously. OLYMPIA \u2014 Washington businesses would see $214 million in unemployment insurance tax relief this year, with no use of state funds, under a bill passed by the Senate today. Unemployment insurance (UI) premiums have spiked due to surging demand during the pandemic. \u201cThe layoffs due to COVID-19 hit small businesses especially hard,\u201d said Sen. Karen Keiser (D-Des Moines), the bill\u2019s sponsor. \u201cThis bill will keep unemployment insurance premiums for all employers, and especially for small businesses, from going up as much as they otherwise would have.\u201d SB 5873...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/2022\/02\/09\/keiser-unemployment-insurance-tax-relief-will-help-small-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"Karen Keiser Archive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-10T01:27:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-01T19:45:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/wp-content\/uploads\/sites\/47\/2020\/02\/20200123_083635ab-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2449\" \/>\n\t<meta property=\"og:image:height\" content=\"1632\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"kenf\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kenf\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/2022\/02\/09\/keiser-unemployment-insurance-tax-relief-will-help-small-businesses\/\",\"url\":\"https:\/\/senatedemocrats.wa.gov\/keiserarchive\/2022\/02\/09\/keiser-unemployment-insurance-tax-relief-will-help-small-businesses\/\",\"name\":\"Keiser: Unemployment insurance tax relief will help small businesses - 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