“This is EPIC,” Bryan Says as USVI Debt Payoff Positions Employers for Relief From Higher Unemployment Tax Costs

The U.S. Virgin Islands has processed the final principal repayment on its outstanding federal Title XII Unemployment Insurance loan, a milestone government officials say moves the territory toward restoring the solvency of the V.I. Unemployment Insurance Trust Fund after years of debt tied to multiple economic crises. Governor Albert Bryan Jr. and the V.I. Department of Labor announced Friday that VIDOL submitted the final principal repayment of $11,888,166.00 on April 30, 2026, through the federal Loan and Repayment Application System. The payment was subsequently confirmed by both the U.S. Department of Labor and the U.S. Treasury. The Bureau of the Fiscal Service has also issued the FY 2026 interest invoice, estimated at $405,952.50. VIDOL said it has begun coordinating with the Office of Management and Budget and the Department of Finance to process the final interest payment using the FY 2026 General Fund appropriation line item identified as “Interest Payment Unemployment Trus...