Jul-06-11 Federal Loan Interest Assessment
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 -News Release- |
New Jersey was forced to borrow money from the Federal Unemployment Account to pay benefits due to a severe economic recession, past revenue diversions from the Unemployment Insurance Trust Fund, sustained levels of high unemployment and generous benefit payments.
Payment of the interest on the outstanding loan balance starting January 1, 2011, is due September 30, 2011.
As required by N.J.A.S. 43:21-14.3, the New Jersey Department of Labor and Workforce Development must assess all employers for the interest due.
The assessment for each employer is determined by multiplying the employer’s unemployment contributions paid and payable for 2010 by the ratio calculated in accordance with the law. The minimum assessment is $5.00. The due date for the assessment is August 14, 2011.
