Governor Pritzker Signs Historic Unemployment Insurance Agreement
CHICAGO – Today Governor JB Pritzker signed the historic Unemployment Insurance (UI) Agreement, finalizing a bipartisan plan to pay down $1.36 billion in UI loan debt remaining from the COVID-19 pandemic. The agreement will save taxpayers an estimated $20 million in interest costs that would be due next September and preserves hundreds of millions of dollars in future federal tax credits for Illinois employers, without decreasing benefits for employees. “Today, I signed historic, bipartisan legislation to eliminate pandemic-induced UI Trust Fund debt, replenish the fund for the future, protect benefits for working families, and further fuel Illinois’ strong economic trajectory,” said Governor JB Pritzker. “We are delivering an investment of $1.8 billion—$1.36 billion of which will pay off the remaining balance of federal advances and $450 million of which will serve as an interest-free loan to the Unemployment Trust Fund. This bipartisan agreement