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SB 673 - Under current law, the maximum duration for an individual to receive unemployment benefits is 20 weeks. This act bases the duration on the Missouri unemployment rate as follows:• 20 weeks if the Missouri average unemployment rate is nine percent or higher; • 19 weeks if the Missouri average unemployment rate is between 8 1/2% and 9%; • 18 weeks if the Missouri average unemployment rate is 8% up to and including 8 1/2%; • 17 weeks if the Missouri average unemployment rate is between 7 1/2% and 8%; • 16 weeks if the Missouri average unemployment rate is 7% up to and including 7 1/2%; • 15 weeks if the Missouri average unemployment rate is between 6 1/2% and 7%; • 14 weeks if the Missouri average unemployment rate is 6% up to and including 6 1/2%; and • 13 weeks if the Missouri average unemployment rate is below 6 1/2%. Under current law, the Board of Unemployment Fund Financing may issue credit instruments with a simple majority vote authorizing such issuance. This act requires the board to issue credit instruments when the amount owed to the federal government for advancements exceeds $300 million. Under current law, interest is charged to employers when the state has an outstanding balance for federal advancements. Under the act, when credit instruments are required to be issued to pay off the balance of the federal advancement, employers are required to continue to pay the interest assessment to fully finance the credit instruments. CHRIS HOGERTY
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