ILLINOIS — Unemployment benefits in Illinois are paid from the Unemployment Trust Fund and that fund is $4.5 billion in debt.
Govt. JB Pritzker has scheduled a 9 am press conference Tuesday to “offer an update on” the fund’s repayment. This event will be livestreamed in its entirety within this story beginning at approximately 9 am
The Illinois Department of Employment Security borrowed federal funds to continue making unemployment benefit payments during the height of the COVID-19 pandemic. It made a similar move during the 2008 Great Recession when it borrowed $1.4 billion. It was repaid in five years through a joint funding agreement with the state’s business community.
This story will be updated shortly after the press conference. Check back later for details.