Governor Pritzker has signed into law a measure to eliminate a nearly $2 billion debt in the account that pays out unemployment benefits.
A surge in revenue supports the plan, with $1.3 billion paying off a federal loan distributed when the coronavirus pandemic shut down businesses and sent unemployment rates to 40 year highs. That loan's retirement carried a $20 million interest payment due next fall.
The package also puts an additional $450 million into the Unemployment Insurance Trust Fund. It will act as an interest free loan, which employers who pay taxes to keep the fund operating, will pay back over a ten year period.
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