Indiana Chamber President and CEO Kevin Brinegar assesses the impact of the early payoff of the state’s federal unemployment insurance (UI) trust fund loan which occurred in November 2015:
“Employers now have $327 million in additional funds available for other workplace priorities. They can further invest in their organizations and employees, as well as add more jobs, instead of sending that money to Washington as an ongoing penalty for the loan being in place.
“This early payoff, strongly supported by the Indiana Chamber, was a common sense step taken by lawmakers and Gov. Pence to help employers and their employees. It has had among the greatest impacts of any public policy over the last year on the business community.”
The early payoff was accomplished by temporarily borrowing from Indiana’s reserve funds. The Governor announced today that the funds have now been paid back by employers through their regular state UI payments.