Governor Pritzker Announces Significant Payment Toward Unemployment Insurance Loan
CHICAGO – Governor JB Pritzker and the Illinois Department of Employment Security (IDES) will be making a significant payment of $450 million toward the remaining $1.8 billion borrowed under Title XII of the Social Security Act. Due to continued historic low unemployment insurance claims, the unemployment insurance trust fund has the capacity to make this payment without impairing the department’s ability to pay benefits. This is the second significant contribution to the outstanding loan balance. In March of 2022, Governor Pritzker signed legislation that provided a historic $2.7 billion contribution from American Rescue Plan recovery dollars to assist the state’s unemployment trust fund. This payment cut the original $4.5 billion loan balance down to $1.8 billion. “This contribution is direct evidence of labor market strength in Illinois,” said Governor JB Pritzker. “With unemployment claims levels continuing to reach historic lows, the State’s
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