Illinois misses deadline to repay $4.2 billion federal unemployment insurance loan – Illinois Policy

Missing the Sept. 6 deadline to repay the federal loan to the state’s unemployment insurance fund leaves Illinois taxpayers on the hook to pay $60 million in annual interest. Business leaders warn a failure to repay the debt would result in automatic tax hikes on Illinois’ employers starting at $500 million, further waylaying the state’s stagnant job recovery.