Shumlin Marks Repayment Of Unemployment Loan
Governor Peter Shumlin says the state has made the final payment of a $77 million federal loan that helped the state pay unemployment benefits during the Great Recession.
The state used the loan to fill the Unemployment Trust Fund to ensure it had the money for displaced workers who were entitled to tap into the fund.
Shumlin made the announcement Monday at the Department of Labor office in Montpelier.
"The best news is that we’re paying off this $77 million worth of debt two years early, which will help us continue to reduce costs for Vermont employers, and create more jobs in the future.”
Shumlin said the state still has work to do to get the fund fully solvent. After the payoff, the state is left with about $50 million in reserve.
Shumlin said the fund needs another $110 million to guard against the next recession.