Vermont Governor Marks Repayment of Unemployment Loan

Jul 1, 2013

Credit Sean MacEntee/Flickr

Vermont Governor Peter Shumlin says the state is paying off the final $54 million of a federal loan that helped the state pay unemployment benefits during the Great Recession.

The state used the money to fill the Unemployment Trust Fund to ensure the state had the money to pay displaced workers the money they were entitled to.

Shumlin made the announcement Monday during an event at the Department of Labor office in Montpelier.

He said the state still has work to do to get the fund fully solvent. After the payoff, the state will have about $50 million left in reserve. Shumlin said the fund needs another $110 million to guard against the next recession.

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