U.S. Chamber Supports UI Trust Fund Relief
Representative Danny Davis plans to introduce legislation that will retroactively waive the accrual of interest on unemployment insurance (UI) trust fund loans from September 6, 2021, to September 30, 2022. The Chamber is proud to support this bill and the meaningful relief it will provide to states and businesses.
Just before Covid made its first appearance in the U.S., thirty-one states had a solvent, healthy UI trust fund. This meant that each state built up enough of a reserve to pay UI benefits to a projected number of eligible claimants during a recessionary period without having to borrow money from the federal government. Despite preparations, most states’ trust funds were unable to support the extraordinary number of UI claimants ushered in by the Pandemic. At the height of the Pandemic, 23 states borrowed money from the federal government to pay regular UI benefits. Most of these states were able to repay their loans and replenish their trust funds. Nine states, however, still collectively owe more than $40 billion today. Additionally, interest payments on the loans are due September 30 of this year. That bill is currently more than $330 million and will continue to grow.
Congress recognized early on that states would need assistance in financing UI. First, Congress waived the accrual of interest on UI trust fund loans through September 6, 2021. States and employers continue to struggle with labor shortages, increasing...
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