Chafee Repays Unemployment Insurance Loans, Six Months Early
Monday, November 10, 2014
Governor Lincoln Chafee has joined Rhode Island Department of Labor and Training Director Charles Fogarty at DLT in Cranston to announce repayment of funds the state burrowed to cover Unemployment Insurance benefit payments. The payment comes six months early and will now allow businesses to save more then $50 million in 2015.
“In 2011, my administration faced a huge challenge with an insolvent Unemployment Insurance system, an existing UI loan and a lack of a plan to repair the system or repay the loan. By borrowing from Treasury, we spared the business community the burden of repaying the loan. That was our only course of action acceptable to me," Chafee said about the repayment.
Since 2011, the U.S. Treasury has loaned Rhode Island $905 million to help unemployed Rhode Islanders. Today's final payment to the U.S. Treasury totaled $2,690,368.70.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRelated Slideshow: Chafee Answers Questions on Fox and Mattiello
Related Articles
- Chafee Blasts Critics Pushing for Default on 38 Studios Bonds
- Russ Moore: Chafee, Licht—Poster Boys for Old School Politics
- Chafee Travel Costs RI Thousands in 2013
- NEW: Chafee, Raimondo Issue Joint Statement on Pension Settlement
- NEW: Chafee Defends 195 Commission Secrecy
- Where Did Chafee Travel in 2013?
- Governor Chafee Nominates Susa to the RI Public Transit Authority
- Governor Chafee Condemns Providence Journal’s Rewrite of OpEd
- Russell Moore: A Modest Proposal to Governor Chafee
- Chafee Confirms State Investigation into Caprio Beach Contract; Will Block FOIA Requests
- Chafee Mourns Passing of Former Congressman St. Germian
- Fung Opposes Chafee Administration Pay Hikes
