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On Tuesday, leaders announced a bipartisan plan, which also has the backing of business and labor, to eliminate the $1.8 billion remainder of that debt, including paying back an interest-incurring federal loan that had been used to shore up the fund.
In an effort to save businesses nearly a billion dollars in unemployment taxes, lawmakers on Tuesday announced a bipartisan plan to use the state's budget surplus to pay down the remaining $1.4 billion in unemployment debt taken on during the COVID-19 pandemic.
Gov. J.B. Pritzker announced a bipartisan agreement to fill the financial hole in the state’s unemployment insurance trust fund, which once stood at $4.5 billion, that was depleted by the pandemic.
The plan aims to erase a $1.8 billion debt generated by the wrenching COVID-19 pandemic in the account that covers Illinois unemployment benefits.
$1.8 billion in state tax revenues would reduce employer burden by estimated $915 million