Pritzker announces $450M payment toward unemployment insurance loan
CHICAGO - Gov. J.B. Pritzker and the Illinois Department of Employment Security will make a payment of $450 million towards the remaining $1.8 billion borrowed under the Title XII of the Social Security Act.
This is the second contribution to the loan balance.
In March, Pritzker signed a $2.7 billion contribution from the American Rescue Plan recovery dollars to assist the state's unemployment trust fund. That payment cut the original $4.5 billion loan balance to $1.8 billion.
"For 20 consecutive weeks Illinois has had historically low unemployment claims, outperforming expectations. Our unemployment system is back on track and the balance of the unemployment trust fund continues to experience strong and steady growth," Pritzker said
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Since the start of the year, Illinois has gained nearly 120,000 jobs throughout the state.
Tuesday’s announcement reflects continued growth in the state’s economy, according to IDES director Kristin Richards.
"Statewide payroll jobs are up compared to a year ago," she said. "We are seeing significant gains in the leisure and hospitality, professional and business services, trade, transportation and utilities industries. We are also seeing over the year decreases in unemployment in 97 counties across the state."
A plan to pay off the remaining balance will be developed through the agreed bill process.
The Associated Press contributed to this report.