CICERO, Ill. — A bipartisan proposal supported by state Rep. Elizabeth “Lisa” Hernandez, D-Cicero, that reduces Illinois’ unemployment insurance loan debt, invests in the state’s rainy-day fund, and supports workers was signed into law Thursday.
“By protecting working families and saving businesses millions of dollars, this legislation will improve the lives of regular Illinoisans and strengthen Illinois’ financial outlook for years to come,” Hernandez said. “This proposal is the result of weeks of negotiations among lawmakers from both sides of the aisle, as well as business and labor groups. When we put aside partisan differences and work together, everyone wins.”
Hernandez supported Senate Bill 1698, the first step in a negotiated plan to pay off the state’s unemployment insurance loan debt. The proposal helps ensure the long-term financial health of the Unemployment Trust Fund by increasing the Target Unemployment Trust Fund balance and the Taxable Wage Base. It also outlines a $450 million loan to the Unemployment Insurance Trust Fund. The money paid back from the loan will be directed toward Illinois’ rainy day fund. Finally, the legislation removes statutory speed bumps that would automatically raise taxes on employers and cut benefits for claimants.
Payment of the remaining unemployment insurance loan debt and the $450 million loan are expected to be appropriated through separate action in January 2023.
“I greatly appreciate the hard work of all the stakeholders involved in sending this proposal to the governor’s desk,” Hernandez said. “As your state representative, I will always fight for the interests of our community’s working families and businesses.”
Senate Bill 1698 passed the Illinois General Assembly with bipartisan support. For more information on Hernandez’s legislative agenda, please visit www.ilga.gov.
Visit Rep Lisa Hernandez website
109 Capitol Building
Springfield, IL 62706
6117 West Cermak Road
Cicero, IL 60804
(708) 222-5241 FAX