More Funds for Unemployment Will Lower Rates for Employers
Doubling Montana Unemployment Insurance Trust Fund will provide significant relief for 43,000 Montana businesses
Montana’s Unemployment Insurance Trust Fund will receive an infusion of $200 million from federal Coronavirus Relief Funds, which effectively doubles the fund.
The increased funding will provide “significant relief for 43,000 Montana businesses,” said Governor Steve Bullock, since it will prevent an 85 percent spike in a tax rate that they would otherwise have to pay.
“Montana businesses have already been hit hard once due to COVID-19 and its economic impacts. The last thing we want is to see them hit hard twice by significantly increasing unemployment insurance rates,” Bullock said. “Boosting the trust fund will have a real impact on the ground for tens of thousands of Montana businesses next year and for years to come and will play a key role in the state’s economic recovery.”
“Business owners in Montana are doing all they can to navigate the economic challenges presented by COVID-19,” Todd O’Hair, president and CEO of the Montana Chamber of Commerce, said. “Every bit of assistance helps, and this smart use of Coronavirus Relief Funds will bring some needed predictability to unemployment insurance rates as we emerge from the pandemic.”