CHICAGO – A bipartisan plan backed by state Rep. Fran Hurley that will pay off the state’s remaining unemployment insurance loan debt, protect worker benefits, save employers money and improve the state’s long-term financial outlook took a step forward Thursday with the signing of Senate Bill 1698.
“This plan provides long-term security for working families across our state, and is representative of what we can accomplish when we put differences aside to come together on an agreement,” Hurley said. “Businesses are going to save millions as a result of this proposal, which is the result of weeks of negotiations between labor, business and lawmakers.”
Hurley supported Senate Bill 1698, which pushes back statutory hurdles related to unemployment insurance that were expected to raise taxes on employers and cut benefits for claimants. It also carries out the functions necessary to ensure the long-term health of the Unemployment Trust Fund by increasing the Target Unemployment Insurance Trust Fund balance, increasing the Taxable Wage Base and setting out the terms for an interest free $450 million loan to be made to the Unemployment Insurance Trust Fund to be paid back starting in 2024. Money paid back from the loan will be routed to the state’s rainy-day fund.
As part of the bipartisan plan, remaining unemployment insurance loan debt and the $450 million loan are expected to be appropriated in January through separate action.
“This negotiated plan reflects the significant steps we have taken as a state to improve our finances and prepare for future challenges,” Hurley said. “I am appreciative of the work that stakeholders put into this effort, and look forward to continuing to support measures that prioritize our community’s working families.”