Illinois reaches deal to pay off pandemic-era debt

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SPRINGFIELD, Ill. (WTVO) — Illinois Governor JB Pritzker announced a new agreement with lawmakers on Tuesday that will allow the state to pay off its pandemic-era unemployment debt.

“The resolution of this manner alleviates a burden looming over the heads of workers and businesses alike,” Pritzker said. “We’ve restored our unemployment system to good working order after the most serious economic downturn since the Great Depression.”

The state’s Unemployment Trust Fund helps pay weekly benefits to workers who have been laid off. The proposal will put more than $1.8 billion into that fund. It will pay down the state’s insurance loan balance and build up cash reserves for the future.

The plan has support from Democrats and Republicans, as well as business and labor leaders. It is expected to get approval from the legislature before the veto session wraps up later this week.

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November 29, 2022 at 09:31PM

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