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 Right now, Illinois pays so much in
unemployment benefits that it must borrow money from the federal
government. The interest from borrowing that money costs the state's
businesses millions of dollars.
The bill Quinn signed Friday would let
the state issue bonds to borrow money at lower rates. Supporters say
the change would save Illinois about $240 million over the next few
years.
It is also expected to save businesses
about $400 million and let many pay lower rates to the unemployment
system.
The Illinois Retail Merchants Association
says the bill will help businesses grow.
[Associated Press]
Copyright 2011 The Associated Press. All rights reserved. This
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redistributed.
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