Notice2021-19176
Notice of Conditional Approval of New York States' Application for the Partial Deferral of Interest Accrued on Outstanding Title XII Loans Otherwise Payable on or before September 30, 2021
Primary source
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Published
September 7, 2021
Issuing agencies
Labor DepartmentEmployment and Training Administration
Full Text
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<title>Federal Register, Volume 86 Issue 170 (Tuesday, September 7, 2021)</title>
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[Federal Register Volume 86, Number 170 (Tuesday, September 7, 2021)]
[Notices]
[Page 50183]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19176]
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DEPARTMENT OF LABOR
Employment and Training Administration
Notice of Conditional Approval of New York States' Application
for the Partial Deferral of Interest Accrued on Outstanding Title XII
Loans Otherwise Payable on or before September 30, 2021
Title XII Section 1202(b)(3)(C) of the Social Security Act (SSA)
provides that a state may defer payment of three-fourths of interest
due on outstanding advances to state unemployment trust funds under
Title XII Section 1201 SSA on or before September 30 of a given year if
the state's rate of insured unemployment (IUR) during the first six
months of the prior calendar year equaled or exceeded 7.5 percent.
Title XII Section 1202(b)(3)(C)(i) and 20 CFR 606.41(c) provide that a
qualifying state must pay at least 25 percent of the amount due on or
before September 30 of the taxable year, and must pay at least one-
third of the remaining amount on or before September 30 in each of the
following three years. 20 CFR 606.41(d) further clarifies that the
timely and full payment of one-fourth of the interest due prior to
October 1 is a precondition to approval of this deferral.
The New York State Department of Labor applied for this deferral
prior to the July 1, 2021 deadline. Pursuant to 20 CFR 606.41(e)(2) the
Employment and Training Administration has confirmed that the state's
rate of insured unemployment exceeded the 7.5 percent threshold during
the first 6 months of calendar year 2020. As such New York's
application for the high unemployment deferral has been conditionally
approved contingent on the timely payment of one-fourth of the interest
due on or before September 30, 2021.
Lenita Jacobs-Simmons,
Acting Assistant Secretary for Employment and Training.
[FR Doc. 2021-19176 Filed 9-3-21; 8:45 am]
BILLING CODE P
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