Illinois makes $450M payment on pandemic-related debt

CHICAGO (CBS) -- The state of Illinois is one step closer to paying down unemployment debt caused by the pandemic. 

On Tuesday, Governor JB Pritzker announced a $450 million payment.

"Thanks to Illinois' economic recovery, the Illinois Department of Employment Security (IDES) has advised me that the UI trust fund balance is sufficient enough to pay down another $450 million of its pandemic-related debt," Prizker said. 

The money was borrowed and used to pay out unemployment claims. The governor said Tuesday's payment is 25% of the total balance owed and it will reduce interest costs by $10 million.

The state still owes more than $1.3 billion. Pritzker wants to pay that off by the end of the year. 

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• Illinois
• Pandemic
• JB Pritzker