New York’s small businesses are struggling, and experts say paying off a $6 billion unemployment insurance debt could be the key to reversing the trend.
Lawmakers and business leaders are pressing state officials to address the pandemic-related debt, which they argue is burdening small enterprises. Assembly Small Business Committee Chair Carrie Woerner suggests using state reserves to settle the debt, believing it would attract more entrepreneurs and reduce costs for existing businesses.
While state officials claim progress is being made, critics insist more decisive action is needed. Business leaders highlight that small businesses are paying hundreds of dollars per employee due to the debt, hindering growth.
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