That is the savings – $327 million statewide – you will realize if the state temporarily advances sufficient funds to pay off the federal unemployment insurance loan that has been in place since November 2008.
Business Savings with Early Loan Payoff:
- 10 employees – $1,260
- 25 employees – $3,150
- 50 employees – $6,300
- 100 employees – $12,600
- 500 employees – $63,000
Sign the Petition to Governor Pence today! Ask Governor Pence to execute an early payoff of the federal unemployment insurance loan.
The State Budget Committee will consider authorizing this action on Oct. 16. Governor Mike Pence must make a final decision before Nov. 9. The approximately $250 million temporary advance would be reimbursed by the end of fiscal year 2016 through collections of existing state unemployment taxes. Once repaid, the funds used to eliminate the outstanding penalty will be available to be used for other priorities.
The decision is straightforward: have additional funds to invest in your organizations and employees – or send the money to Washington as an ongoing penalty for the loan being in place.
State leaders need to hear from the business community – employers and employees. Share this with your team members and encourage them to “sign” the petition.
If you wish to contact the governor’s office directly, please do so by calling (317) 232-4567. If you have a question and/or an interest in publicly stating your support, contact the Indiana Chamber’s Mike Ripley (317-264-6883 or [email protected]).