By AP/KWMU
St. Louis, MO – Missourians on unemployment will get a little more money in coming years.
Governor Bob Holden signed legislation into law Thursday that increases the weekly unemployment check from $250 to $320. The amount of the checks will gradually increase over the next six years.
The new law also requires businesses to pay more into the unemployment fund. That's the pot of money from which the unemployment checks are written.
Businesses will pay the higher taxes over the next two years to restore the fund's long-term stability. But supporters say that, over the long run, the law will reduce the taxes businesses pay into the fund.
It has been insolvent since early last year. The state has been borrowing from the federal government to make sure it can write the unemployment checks. The total amount borrowed is approaching $290 million.