Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.

S 2637 allocates $2.5 billion from federal government assistance (specifically from the American Rescue Plan Act of 2021) to New Jersey's unemployment compensation fund. The funds will pay back federal unemployment insurance loan advances before interest payments are due and increase the fund's balance. The bill modifies employer contribution rates for fiscal years 2022-2024, changing the rate determination from columns C, D, and E of the experience rating table to column B. This affects employers who pay into New Jersey's unemployment compensation fund during the pandemic emergency period. The bill does not change the overall tax burden but adjusts how contribution rates are calculated based on the fund's reserve ratio.