In this Gorfine, Schiller & Gardyn podcast interview, Laura Shuman, Director of Small Business at GSG, provides an overview of Maryland’s proposed unemployment insurance legislation and what it could mean for small and mid-sized businesses.
Maryland lawmakers are considering updates to the state’s unemployment insurance system aimed at improving benefits for workers while strengthening the long-term sustainability of the trust fund. While the proposal is still under consideration, it introduces potential changes that could impact how employers calculate and manage payroll related costs.
In this episode, Laura breaks down the key elements of the legislation and explains what business owners should understand at a high level.
Following are some of the key discussion points from the interview:
• A high-level overview of the proposed legislation and the issues lawmakers are trying to address. (:30)
• The most important components of the proposal, including changes to the taxable wage base. (1:18)
• What indexing the wage base to average wages means in practical terms for businesses. (2:05)
• Updates to unemployment benefits and how they align with the goals of the legislation. (2:45)
• Potential impacts on payroll costs and operations for small and mid-sized businesses. (3:20)
• How GSG supports businesses with payroll compliance, advisory guidance, and navigating regulatory changes. (4:05)
As Laura explains, the proposed changes are designed to modernize Maryland’s unemployment insurance system, which has not been updated in decades, while balancing the needs of workers and employers.
For business owners, staying informed and working with experienced advisors can help make it easier to understand how evolving regulations may affect payroll, compliance, and overall financial planning.
Please contact GSG here to learn more about how we can support your business with payroll compliance and navigating changes like this.
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