Governor Mike Pence will unveil details today about last week’s major federal unemployment insurance loan announcement. The State Budget Committee has approved $250 million for early payoff of the loan, which the state says could help it avoid more than $300 million in penalties.
The state loaned money from its general fund to the Unemployment Insurance Trust Fund, which opened up the early repayment option. The state took out the loan during the recession. It was due to be paid back November 10 and will be covered in the first half of next year by state unemployment insurance tax revenues.