Menu
2020 Session

Budget Amendments - SB30 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Boysko
Paid Family and Medical Leave Program - Treasury Loan (language only)

Item 131 #1s

Item 131 #1s

Commerce and Trade
Virginia Employment Commission

Language

Page 110, after line 49, insert:

"F. The Commission is hereby authorized to request and receive a treasury loan to fund the necessary start-up costs associated with the implementation of a Paid Family and Medical Leave Program for the Commonwealth of Virginia contingent upon the enactment of Senate Bill 770 introduced in the 2020 Session of the General Assembly. The treasury loan shall be repaid for these costs from revenues received from premiums assessed to employers and employees beginning in 2022."



Explanation

(This amendment would authorize a loan to the Virginia Employment Commission from the Commonwealth treasury to cover the startup period for the Paid Family and Medical Leave Program for the Commonwealth of Virginia that would be established by SB 770. The program would be funded by premiums assessed to employers and employees. The start up costs are estimated at $70 million. The bill provides that the treasury loan would be repaid to the Commonwealth within two years of the start date of the collection of contributions.)