Governor Hochul Announces New York State Pays Off Multi-Billion Dollar UI Trust Fund Debt

From hotels to restaurants, our hospitality workers hold New York together. I’m fighting to put more money back in their pockets.

June 30, 2025 – New York, NY – Governor Hochul rallied with the Hotel and Gaming Trades Council, AFL-CIO to announce New York State has paid off the nearly $7 billion federal Unemployment Insurance (UI) Trust Fund loan — a move that will bring the fund to solvency, increase benefits for unemployed New Yorkers and cut costs to businesses. The Governor announced this action back in May as part of the Fiscal Year 2026 Enacted Budget.

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