Gov. Brad Little has approved the transfer of $200 million worth of federal coronavirus relief funds to Idaho’s Unemployment Trust Fund, the Governor’s Office announced last Thursday.
The transfer came at the recommendation of Little’s Coronavirus Financial Advisory Committee.
“Our move to put even more dollars toward supporting Idaho businesses helps keep jobs and continues our strong economic rebound,” Little said in a statement.
Without the transfer, the Governor’s Office said, businesses may have had to pay nearly double the amount in unemployment insurance taxes next year to keep the trust fund solvent. Businesses may have seen a tax increase of more than $300 per employee, according to the Governor’s Office.
The transfer was applauded by the Idaho chapter of the National Federation of Independent Businesses, which represents roughly 4,000 business owners in the state.
“The whole art to restoring the nation’s economy begins with luring small business owners back to reopen and rehire, and one of the most important ways to do that is to not hit them with additional costs,” the federation’s Idaho director, Suzanne Budget, wrote to Little, according to a statement from the Governor’s Office.
Idaho has received a total of $1.25 billion in CARES Act funding from the federal government.