VICTORY: NMBC Saves Businesses Thousands of Dollars with Unemployment Insurance legislation

VICTORY: NMBC Saves Businesses Thousands of Dollars with Unemployment Insurance legislation

  • Post published:June 23, 2020
  • Post category:News

Since the pandemic shutdown began in March, NMBC has been working determinedly to help the state, it’s businesses and employees in every way possible get back on their feet. Whether it’s the comprehensive plan to reopen and “Get New Mexico back to work”partnering with legislators from across the state, or reaching out to the Governor herself addressing business concerns on unemployment insurance (UI), NMBC will always fight for NM’s best interests.

After months of work by NMBC and the diligent efforts of state legislators invested in our objective, we are pleased to tell you that New Mexico businesses scored a victory in the Special Legislative Session. SB 3 Small Business Recovery Act of 2020, which will provide loans for small businesses, was amended to include a reprieve from skyrocketing Unemployment Insurance rates.

What does this mean? Some New Mexican businesses in need will be able to get low interest rate loans from the state and EVERY business can benefit from the work on the UI rates – to the tune of over $1,000 per employee! The amendment to the Senate bill will remove the COVID-related layoffs and furloughs from businesses’ recorded experience. This will adjust the UI formula rate calculation to “hold employers harmless” for the massive layoffs they had no say in. It also freezes the reserve factor for a period of time. These two measures will provide huge relief to UI rates for over a year. This is a much needed win for struggling New Mexico businesses who faced potentially skyrocketing UI rates next year, and one less thing to worry about as they focus on recovering.  

NMBC’s Unemployment Insurance efforts in the news