¾ÅÓÎÌåÓý

Skip to main content
You have permission to edit this article.
Edit

Illinois set to pay off remaining unemployment insurance loan balance

  • Updated
  • 0
Illinois capitol money

(WSIL) -- Governor JB Pritzker announced Tuesday the state has agreed to pay off the remaining $1.36 billion unemployment insurance loan balance. 

The state is also planning to replenish the fund for the future and protect benefits for working families. 

The payment should save Illinoisans an estimated $20 million in interest costs that would have been due in September 2023. 

The agreement between representatives from business, labor, bipartisan members of the General Assembly, and the state, will contribute more than $1.8 billion in state funds to the unemployment insurance trust fund, which includes the payment of the remaining federal loan balance borrowed under Title XII of the Social Security Act. 

The remaining $450 million will be placed into the trust fund from state funds as an interest-free loan.  As the loan is repaid over the next ten years, funds will be deposited directly into the state’s rainy-day fund.Â