News October 12, 2020

Coronavirus Aid Replenishes Unemployment Fund

by Jackson Hole Radio News

Wyoming Governor Mark Gordon is directing federal Coronavirus Aid, Relief, and Economic Security Act funds to replenish and reinforce two programs that provide benefits to employers and job seekers. The Governor has allocated $25-million to replenish Wyoming’s Unemployment Trust Fund and an additional $16.4-million in Workers Compensation Fund Premium Credits to help address the financial and economic strain on businesses during the COVID-19 pandemic. Wyoming’s Unemployment Trust Fund is required by statute to meet a specific balance. As a direct result of the pandemic, the state’s Unemployment Trust Fund has experienced a significant deficiency. This additional $25-million in funding will replenish the fund, help employers for their 2021 Unemployment Tax Rates, and ensure that the needs of Wyoming employers and job seekers are met in the future. Also, the legislature had passed a one-month Workers Compensation premium credit during the 2020 Special Session to help address the financial and economic strain on businesses in responding to the COVID-19 pandemic. The additional $16.4-million in CARES Act funding will help reduce 2021 Workers Compensation Taxes for employers. The latest allocation is in keeping with the governor’s plan for spending of the entire $1.25-billion in federal dollars awarded through the CARES Act. Those funds are currently required to be spent by December 30th.