Five Steps Closer to Racial Equity on Nonprofit Boards

For the past 4 years, Florida has been indebted to the Title XII federal loan program, due to the economic crisis in 2008. Along with 35 other states, Florida’s Unemployment Compensation Trust Fund became insolvent as the economy suffered. While this state trust fund was designed to be self-sustaining, most states had no other option but to take out an extensive loan—coupling a devastatingly shorter and smaller supply of unemployment benefits with a huge outstanding balance owed to the federal governments.

But, Florida was able to make their final loan payment of $9.2 million on Tuesday, May 21st.

Using more than $3.1 billion from employer tax collections and $360 million from an issued Federal Unemployment Tax Act (FUTA) tax credit, Florida became the 14th state to successfully pay off their debt. The remaining states still possess a cumulative outstanding balance of over $21 billion, with an added interest of over $464 million—all of which must be paid off in order to restore their Trust Fund balance.

With their balance finally at $0, and their unemployment rate down to 7.2 percent, Florida is now able to focus their energy on job creation and economic improvement strategies.

While there was no specified payment schedule for the loan, Florida has progressed a lot quicker than some of the larger states. 22 states still remain in debt, but Florida paves the way for economic salvation. And provides a sense of hope to those seeking employment.

Want to learn more about the Florida federal loan pay-off from the Tampa Bay Times? Read this overview.

Compare what your state debt balance is here.

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10/05/17 1:47 AM

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