Illinois Congressman Seeks Unemployment Loan Interest Waiver

An Illinois congressman is drafting legislation to reinstate a waiver on the interest that states must pay on unemployment insurance loans they took from the federal government when job losses mounted and revenue shrank during the pandemic.

Congressman Danny Davis, a Chicago-area Democrat, said he plans to propose legislation that would retroactively waive the interest that’s accrued since September -- when the last waiver expired -- and extend it for another 12 months.

California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York and Pennsylvania and the Virgin Islands together have outstanding balances of $39.4 billion in so-called advances ...