SPRINGFIELD, Ill. (WMBD)– Gov. JB Pritzker will pay the state’s remaining $1.36 billion debt to the unemployment trust fund.

Announced at a press conference on Tuesday afternoon, Pritzker also plans to provide structural funding reforms to the unemployment trust.

The agreement is expected to save taxpayers approximately $20 million in interest costs and preserve hundreds of millions of dollars in future federal tax credits for Illinois employers.

Republicans and Democrats are delivering a historic state investment of $1.8 billion to the Unemployment Trust Fund. This bipartisan agreement eliminates the final portion of the $4.5 billion debt forced upon our state during the pandemic and saves Illinois businesses and taxpayers hundreds of millions of dollars over the next decade.

JB Pritzker

The unemployment trust was forced to borrow $4.5 billion in federal funds to provide economic relief to the unprecedented number of unemployed workers throughout the Covid-19 pandemic.

Illinois has created 770,000 more jobs since the pandemic recession and surpassed one trillion dollars in GDP for the first time in history.

The press conference can be viewed here.