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Interest Payments on Federal Loan

Interest Payments on Federal Loan

Missouri’s current statutes contain a provision that provides for an additional assessment for interest on federal loans when money is borrowed to pay unemployment benefits.

The interest assessment amount is to be paid once a year until the loan balance is satisfied. This practice is similar to other states that have borrowed from the U.S. Treasury.

The Missouri Division of Employment Security will notify each employer of its share of interest assessment with the mailing of the second quarter Contribution and Wage Reports.

The interest assessment amount is based on the employer’s taxable payroll during the previous year. The interest assessment amount for each employer will be shown on Line 8, Interest Assessment Due to Federal Advances, and is due by July 31. Additional interest will accrue if the interest assessment is paid after the due date.

Read more about the Federal Unemployment Tax Act (FUTA).

If you have a question about this payment, contact 573-751-1995.