It doesn’t matter whether or not an Illinois budiness kept all of its empllyees during the Covironavirus pandemic.
The State of Illinois borrowed $4.2 billion and will have to start ;paying interest next year, if it is not repaid.
Ohio decided to repay its loan, accoridng to the publication “Route 50.”
Ohio similarly sought to avoid a tax hike on employers by putting off repayment. Gov. Mike DeWine said the state used $1.5 billion in ARPA funds to pay back the loans.
“By repaying this loan in full, we ensure that Ohio businesses won’t see increases in their federal unemployment payroll taxes,” DeWine said in a statement. “Without this added tax burden, our employers can invest more money into their businesses and hire more staff.”
Employers in the state would have faced a 50% hike in federal unemployment payroll taxes next year had the loan not been repaid, according to Steve Stivers, President of the Ohio Chamber of Commerce. [Emphasis added.]
Illinois Democrats seem not to care whether business are saddled with a huge new tax.