Bipartisan agreement will pay off Unemployment Insurance deficit

Illinois Governor JB Pritzker announced a bipartisan agreement has been reached to pay off the remaining $1.36 billion of the pandemic unemployment insurance deficit. This will save businesses more than $900 million in higher taxes and preserve the solvency of the Unemployment Trust Fund. We applaud the Governor and lawmakers for this agreement which will support the state’s fiscal stability and business climate.
 
Throughout the 2022 Illinois Legislative session, the Chamber advocated using American Rescue Plan funding to replenish the unemployment trust fund and alleviate additional pandemic-related financial burdens on our region’s businesses. Earlier this year, the Legislature passed and signed a law to put $2.7 billion in ARPA funds toward the $4.5 billion Unemployment Trust Fund deficit.