This bill amends the Code of West Virginia to provide a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund to support the Unemployment Compensation Fund when its balance falls below $50 million. The Governor can execute this borrowing by notifying the presiding officers of both legislative houses and may borrow up to $50 million or the amount deemed necessary to maintain the Unemployment Compensation Fund at a minimum of $50 million. The bill stipulates that borrowing can only occur if the Executive Director of Workforce West Virginia projects that the fund's balance will drop below $50 million within the next 30 days.

Additionally, the bill specifies that any borrowed funds must be used solely for paying benefits and must be repaid without interest within 180 days from the Unemployment Trust Fund or other legally available funds. The deadline for borrowing under this provision is extended to September 1, 2027, replacing the previous deadline of 2018. This legislative change aims to ensure the solvency of the Unemployment Compensation Fund during periods of significant federal layoffs that may deplete its resources.

Statutes affected:
Introduced Version: 21A-8-16