§ 606.42. High unemployment delay.
194 words·~1 min read·
/us/cfr/t20/s§ 606.42·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Applicability. Paragraph
(9)of section 1202
(b)of the Social Security Act permits a State to delay for a period not exceeding nine months the interest payment due prior to October 1 if, for the most recent 12-month period prior to such October 1 for which data are available, the State had an average total unemployment rate of 13.5 percent or greater.
(b)Delayed due date. An interest payment delayed under paragraph
(9)must be paid in full not later than the last official Federal business day prior to the following July 1; at the State's option payment of delayed interest may be accelerated. No interest shall accrue on such delayed payment.
(c)Application for delay in payment and determination.
(1)The Governor of a State which has decided to request delay in payment of interest under paragraph
(9)shall apply to the Secretary of Labor no later than July 1 of the taxable year for which the delay is requested.
(2)The OWS Administrator will determine whether delay is or is not granted on the basis of seasonally unadjusted civilian total unemployment rate data published by the Department's Bureau of Labor Statistics.