Indiana Chamber of Commerce President and CEO Kevin Brinegar comments on Gov. Mike Pence’s approval of an early payoff for the state’s federal unemployment insurance (UI) trust fund loan. This is to be accomplished by temporarily borrowing from Indiana’s reserve funds during the next eight months. The funds will be paid back by employers through their regular state UI payments:
“This allows Hoosier employers to save $126 per employee or an additional $327 million in total federal penalties for 2016. That’s very significant for the business community. That money now can be reinvested by growing companies and adding more jobs.
“In the last few weeks alone, we’ve heard from several hundred businesses all across the state about how important this early payoff is to them. They appreciate the efforts of lawmakers to place this option in the state budget and the State Budget Committee and Gov. Pence for their actions to make it happen.”