Nearly $2.8 Billion of debt paid back to the federal government. Just last week, North Carolina paid back the last dollar borrowed from the federal government for regular unemployment benefits. This debt relief will give employers certainty about the cost of doing business in North Carolina.
"Had the debt not been paid by November 2015, employers in this state would have been subjected to an additional $282 million in additional FUTA (Federal Unemployment Tax Act) penalties,” Division of Employment Security Secretary Dale Folwell said. “These monies can now be used by the employer community to assist with the expansion of their business and workforce."
Thanks to quick action and tough decisions, North Carolina’s unemployment system is more efficient, more customer friendly, and the time needed to settle appeals has been dramatically reduced. These steps, along with paying off the debt, are helping get more people back to work in our great state.