Good news for business owners.

They may pay up to 34% less in unemployment insurance tax rates than in 2019.

Gov. Henry McMaster and the SC Department of Employment and Workforce announced the lower tax rates Nov. 7.

They also announced the solvency of the Unemployment Insurance Trust Fund. This means it’s now at a level sufficient to withstand a recession as bad as in 2007.

The replenished fund also means businesses will no longer pay solvency surcharges for the first time since 2003.

“Balancing the requirement to maintain a fiscal safety net while cutting business taxes each year shows that South Carolina is dedicated to making it appealing for companies to do business here so they will continue to create jobs,” said McMaster.

“The 2020 savings are a direct result of the growing economy and the support of the business community.”

During the Great Recession, South Carolina borrowed nearly $1 billion from the federal government to provide unemployment benefits.

Paying off the loan early will save businesses $12 million.