WEST CHICAGO, Ill. — A bipartisan plan backed by state Rep. Maura Hirschauer, D-Batavia, to reduce Illinois’ unemployment insurance loan debt and invest in the state’s rainy day fund was signed into law by Gov. J.B. Pritzker on Thursday.
“The COVID-19 pandemic brought us unprecedented challenges, and this proposal provides a solution to the financial problems our state has faced,” Hirschauer said. “This legislation is an incredible step toward strengthening the financial outlook of our state while supporting workers and saving businesses millions of dollars.”
Hirschauer supported Senate Bill 1698 which bolsters the health of the Unemployment Trust Fund by increasing the Target Unemployment Insurance Trust Fund balance and Taxable Wage Base, and outlines a $450 million interest free loan to Illinois’ Unemployment Trust Fund. Money paid back from the loan will be directed toward the state’s rainy-day fund. The bill also moves statutory hurdles that would have automatically raised 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 a separate action in January 2023.
“This bill is a result of weeks of negotiations among legislators from both sides of the aisle, as well as business and labor groups. I am thankful for their hard work and willingness to set aside their differences for the good of the state,” Hirschauer said. “This proposal is a great step in the right financial direction, and I will continue to support legislation that protects the working families in our community.”
Senate Bill 1698 passed the Illinois General Assembly with bipartisan support. For more information on Hirschauer’s legislative agenda, please visit www.ilga.gov.