Yes, this is not a typo, the South Carolina Department of Employment and Workforce is making another early payment to the Feds.
\nFor Immediate Release
\nApril 30, 2014, DEW Makes Early Unemployment Trust Fund Loan Repayment, Agency on track to repay entire loan in 2015<\/p>\n
COLUMBIA\u2014The SC Department of Employment and Workforce (DEW) today announced it made a voluntary payment of $60 million to the federal government for the agency\u2019s unemployment trust fund loan.<\/p>\n
\u201cMaking this $60 million early repayment and saving the taxpayers and businesses of South Carolina $1.4 million in interest is great news and exactly what is possible when a state sees the kind of economic growth and success that we have,\u201d said Governor Nikki Haley. \u201cWith our unemployment rate at a six year low and more people working than ever before, it\u2019s clear we are moving in the right direction and today\u2019s announcement is further proof that it\u2019s paying off for the people of our state.\u201d<\/p>\n
\u201cFor the past three years, South Carolina has made early, voluntary repayments to the trust fund loan, further saving the state, and ultimately its businesses\u2019 interest costs,\u201d said DEW Executive Director Cheryl M. Stanton. \u201cMaking this $60 million early loan payment could not be possible without the work of the state\u2019s business community in improving South Carolina\u2019s economy faster than expected. In fact, South Carolina has more than 77,000 additional people working today than when the 2014 tax rates were set.\u201d<\/p>\n
DEW set the 2014 tax rates in September 2013 when the federal government estimated that 1,968,209 South Carolinians were working (August 2013). In March 2014, the estimates are that 2,046,000 people are working in South Carolina, leading to additional, unanticipated tax collections by DEW. <\/p>\n
Additionally, South Carolina has paid nearly $23 million less in unemployment insurance benefits from October 1, 2013 through April 2014 in relation to the corresponding time period from the prior year.
\nWith today\u2019s early $60 million loan repayment, the state\u2019s outstanding loan balance falls below $400 million to $396 million. To date, South Carolina has repaid more than $580 million of the $977 million borrowed from the federal government. The state is scheduled to repay the entire loan amount by the end of 2015.<\/p>\n
Since becoming a borrowing state, the Palmetto State has been the only state to receive a waiver to avoid higher federal unemployment taxes for businesses. In fact, South Carolina has been granted this waiver for three consecutive years.
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Yes, this is not a typo, the South Carolina Department of Employment and Workforce is making another early payment to the Feds. For Immediate Release April 30, 2014, DEW Makes Early Unemployment Trust Fund Loan Repayment, Agency on track to repay entire loan in 2015 COLUMBIA\u2014The SC Department of Employment and Workforce (DEW) today announced […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-10262","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2gEQ0-2Fw","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/10262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/comments?post=10262"}],"version-history":[{"count":1,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/10262\/revisions"}],"predecessor-version":[{"id":10263,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/10262\/revisions\/10263"}],"wp:attachment":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/media?parent=10262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/categories?post=10262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/tags?post=10262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}