Businesses in Clear with Unemployment Insurance Plan
The state started borrowing money from the federal government in 2003 to maintain the fund from which jobless benefits are paid. But Missouri had to start paying that money back, and submitted a repayment plan this summer. If the plan had been rejected, the state would have imposed what's essentially a $50 million tax increase on Missouri businesses to recoup its money. Even with federal approval, the state isn't out of the woods. The Labor Department said Missouri still owes about $238 million dollars, and the federal reprieve only lasts a year.