West Virginia businesses could see a reduction of unemployment insurance costs by up to 25% next year, the Office of Gov. Jim Justice announced Thursday.
The state added $220 million to the state's unemployment trust fund, allowing WorkForce West Virginia to repay a federal pandemic loan of $185 million.
If the loan had not been paid off before Friday, West Virginia employers would have experienced a mandatory increase in their unemployment insurance premiums, officials said.
“This is going to be a massive reduction in costs for our West Virginia businesses, and I could not be more proud of everyone who put in all the licks that made this possible,” Justice said.