• Chamber Coalition Supports Proposal to Address Shortfall in State’s Unemployment Insurance Fund

    The Santa Maria Valley Chamber partnered with the California Chamber of Commerce and other organizations to support AB 2570 as amended on March 24, 2022, because it would help address California’s looming unemployment insurance fund (“UI Fund) insolvency and reduce future tax increases for California’s struggling businesses.

    AB 2570 takes a strong step to address this unfairness by providing $7.25 billion for California’s UI Fund. This infusion will make a significant reduction in California’s present $19.7 billion insolvency – and is a wise use of a short-term surplus to address a future cost. Notably, this payment will help both businesses (by reducing their future taxes) and the state (by reducing interest payments1 on the UI debt).

    The letter written in support of AB 2570 may be found here.