CHICAGO, Ill -- The federal Emergency Unemployment Compensation insurance program will continue through December 2013, the Illinois Department of Employment Security (IDES) announced Wednesday.
Congress extended the Emergency Unemployment Compensation (EUC) program as part of the fiscal cliff negotiations. As such, Illinois workers collecting EUC should continue to certify for benefits.
The IDES says that extending the EUC program will support an improving economy. Every $1 in unemployment insurance generates $1.63 in economic activity because the dollars are quickly spent at neighborhood businesses.
According to the IDES, had Congress not re-authorized the program, 90,000 Illinois claimants would have received their last EUC payment within the next two weeks. Additionally, 2,800 individuals each week would have completed the state’s Regular Unemployment Insurance program and not had access to the federal EUC.
However, the IDES says that they still stand to suffer budget cuts. The fiscal cliff negotiations did not resolve cuts to budgets such as IDES’. Therefore, IDES stands to lose an additional $17 million in operating funds.