ILLINOIS COMPTROLLER SUSANA MENDOZA IS MAKING GOOD ON A FOUR AND A HALF BILLION DOLLAR FEDERAL LOAN USED TO HELP THE STATE GET THROUGH THE PANDEMIC. 

THE LOAN HELPED SHORE UP THE STATE’S UNEMPLOYMENT INSURANCE FUND, WHICH WAS RAPIDLY BEING DEPLETED AS SO MANY PEOPLE WERE OUT OF WORK. COMPTROLLER MENDOZA SAYS THIS WILL SAVE BIG BUCKS IN INTEREST PAYMENTS.

MENDOZA SAYS OTHER STATES LIKE CALIFORNIA, NEW YORK AND CONNECTICUT HAVE YET TO PAY OFF THEIR COVID-19 UNEMPLOYMENT INSURANCE LOANS.

THE EARLY REPAYMENT WAS PART OF AN AGREEMENT BETWEEN BUSINESS AND LABOR NEGOTIATORS, THE STATE AND LAWMAKERS. THE DEAL WILL ALSO PUT MORE MONEY INTO THE STATE’S UNEMPLOYMENT INSURANCE AND RAINY DAY FUNDS.