On March 3, 2022, Rep. Danny Davis and Sen. Dick Durbin introduced The Continued Waiver of Interest on State Unemployment Loans during the Pandemic Act. This legislation would extend the waiver of interest on Title XII loans that would otherwise be due on September 30, 2022.
Under Section 4103 of the Families First Coronavirus Response Act, Congress has previously waived interest on Title XII loans through September 6, 2021. The new Act would further extend this waiver and provide much needed relief to the nine states who continue to have outstanding loans as well as employers in those states who could see an increase in taxes to fund the payment of said interest charges.
The Continued Waiver of Interest on State Unemployment Loans during the Pandemic Act is supported by the National Association of State Workforce Agencies, whose membership is comprised of workforce agencies in all 50 states, as well as multiple business organizations, including: the Illinois Manufacturers’ Association; the Illinois Retail Merchants Association; and the U.S. Chamber of Commerce.
For more information on this bill, you can go to Sen. Dick Durbin’s website or Congress.gov.
