Skip to content

NFIB and the Joint Employers Coalition negotiate a resolution to the massive Unemployment Insurance Trust Fund debt

NFIB and the Joint Employers Coalition negotiate a resolution to the massive Unemployment Insurance Trust Fund debt

November 30, 2022 Last Edit: June 5, 2025

NFIB and the Joint Employers Coalition negotiate a resolution to the massive Unemployment Insurance Trust Fund debt

NFIB and the Joint Employers Coalition negotiated a resolution to the massive Unemployment Insurance Trust Fund debt, lingering from the 2020 Coronavirus Pandemic. NFIB and business allies had previously secured $2.7 Billion in ARPA Funds towards the massive $4.5 Billion debt. This new agreement, reached between business and labor, secures an additional $1.3 Billion to cover the remaining balance of the federal debt. In addition, business groups secured a $450 Million loan from State General Revenue Funds to inject the system towards a $1.75 Billion target Trust Fund Balance. This $450 million will be paid back by employers over 10-years, minimizing the impact of additional tax increases that would have resulted if (and when) the State experiences any economic downturn and requires additional future federal loans. This agreement is believed to save employers hundreds of millions of dollars over the next 5-years, as additional federal tax increases would have been substantially higher than the annual payment on the $450 million State loan. The agreement injects stability into the system by increasing the target Trust Fund balance, intending to prevent the Fund from going into future debt should the State experience a future recession. “NFIB supports the agreement reached to fully pay off the federal debt, stabilize the Unemployment Insurance system, and provide employers with certainty; ultimately saving employers over $900 million over the next five years”, said NFIB State Director Chris Davis. “While employers were facing inevitable increased taxes, this agreement mitigates that burden and makes a difficult situation better for Illinois small businesses” NFIB was a crucial member of the Joint Employers Coalition that negotiated the agreement, with Illinois Retail Merchants Association, Illinois Manufacturers Association, and Illinois State Chamber of Commerce.
Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

July 4, 2025
America’s Small Businesses Applaud President Trump, Congress…
Read More
United States Capitol Building Wide Shot
July 3, 2025
NFIB Thanks Congress for Passing Landmark Small Business Tax Re…
NFIB applauds Congress for passing the One Big Beautiful Bill Act, which in…
Read More
July 2, 2025
NFIB Key Votes One Big Beautiful Bill Act in U.S. Senate and Ho…
NFIB key votes the One Big Beautiful Bill Act in the 119th Congress and urg…
Read More
July 2, 2025
Small Business Owners Push Priorities in Capitol Hill Meetings
Over 80 small business owners attended NFIB’s annual Fly-In. They attende…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility