New York businesses are facing multiple financial headwinds — high gas prices, inflation, supply chain woes and the difficulty in finding qualified workers.
Add the high cost of unemployment taxes in New York, and pro-business organizations like NFIB New York are concerned lawmakers and Gov. Kathy Hochul are yet to take up any measures meant to alleviate the costs.
"It is becoming very, very, very difficult for small businesses," said NFIB State Director Ashley Ranslow in a Capital Tonight interview on Wednesday.
New York businesses are facing about $8 billion in unemployment insurance debt left over from the high jobless rate amid the COVID-19 pandemic. That debt is being paid down in the form of taxes paid by private-sector firms.
Those taxes are being paid on top of the costs incurred by the current economic difficulties.
"They're having a hard time hiring," Ranslow said. "All of those things add up: Inflation, gas prices, raising wages, and when you throw supply chain issues on top of that, it's a recipe for disaster."
Still, the business community does have some relief now that lawmakers have concluded the legislative session in Albany last week.
"Overall, we were happy to see that message of do no harm was heard," she said, "making sure we're not adding to the cost doing business in New York."