<num style="-uslm-dtd:enum" value="XII">TITLE XII—</num><heading style="-uslm-dtd:header">ADVANCES TO STATE UNEMPLOYMENT FUNDS<ref style="-uslm-dtd:footnote-ref" idref="ID6E197B9EF0354E559C503060C8D2ADAD" class="footnoteRef">1</ref> </heading><footnote id="ID6E197B9EF0354E559C503060C8D2ADAD" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">1</sup><p style="-uslm-dtd:para; margin-left:1em">Title XII of the Social Security Act is administered by the Department of Labor.</p></footnote> <toc style="-uslm-dtd:toc"> <heading style="-uslm-dtd:toc-entry" class="centered">TABLE OF CONTENTS OF TITLE<ref style="-uslm-dtd:footnote-ref" idref="ID4C2D276AFFF646C4A8AAAC86B2915B9D" class="footnoteRef">2</ref></heading><footnote id="ID4C2D276AFFF646C4A8AAAC86B2915B9D" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">2</sup><p style="-uslm-dtd:para; margin-left:1em">This table of contents does not appear in the law.</p></footnote> <referenceItem style="-uslm-dtd:toc-entry" role="section"><designator>Sec. 1201.</designator><label> Advances to State unemployment funds.</label></referenceItem> <referenceItem style="-uslm-dtd:toc-entry" role="section"><designator>Sec. 1202.</designator><label> Repayment by States of advances to State unemployment funds.</label></referenceItem> <referenceItem style="-uslm-dtd:toc-entry" role="section"><designator>Sec. 1203.</designator><label> Advances to Federal unemployment account.</label></referenceItem> <referenceItem style="-uslm-dtd:toc-entry" role="section"><designator>Sec. 1204.</designator><label> Definition of Governor.</label></referenceItem> </toc> <section style="-uslm-dtd:section" identifier="/us/sComp/74/271/tXII/s1201" styleType="traditional"> <heading style="-uslm-dtd:header">advances to state unemployment funds </heading> <num style="-uslm-dtd:enum" value="1201">Sec. 1201. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s1321">42 U.S.C. 1321</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/74/271/tXII/s1201/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1201/a/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><chapeau style="-uslm-dtd:text">Advances shall be made to the States from the Federal unemployment account in the Unemployment Trust Fund as provided in this section, and shall be repayable, with interest to the extent provided in section 1202(b), in the manner provided in sections 901(d)(1), 903(b)(2), and 1202. An advance to a State for the payment of compensation in any 3-month period may be made if—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/1/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Governor of the State applies therefor no earlier than the first day of the month preceding the first month of such 3 month period, and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/1/B" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">he furnishes to the Secretary of Labor his estimate of the amount of an advance which will be required by the State for the payment of compensation in each month of such 3-month period.</content> </subparagraph></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1201/a/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">In the case of any application for an advance under this section to any State for any 3-month period, the Secretary of Labor shall—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/2/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">determine the amount (if any) which he finds will be required by such State for the payment of compensation in each month of such 3-month period, and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/2/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">certify to the Secretary of the Treasury the amount (not greater than the amount estimated by the Governor of the State) determined under subparagraph (A).</content> </subparagraph><continuation style="-uslm-dtd:continuation-text" role="paragraph">The aggregate of the amounts certified by the Secretary of Labor with respect to any 3-month period shall not exceed the amount which the Secretary of the Treasury reports to the Secretary of Labor is available in the Federal unemployment account for advances with respect to each month of such 3-month period.</continuation> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1201/a/3" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="3">(3) </num><chapeau style="-uslm-dtd:text">For purposes of this subsection—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/3/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">an application for an advance shall be made on such forms and shall contain such information and data (fiscal and other wise) concerning the operation and administration of the State unemployment compensation law, as the Secretary of Labor deems necessary or relevant to the performance of his duties under this title,</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/3/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the amount required by any State for the payment of compensation in any month shall be determined with due allowance for contingencies and taking into account all other amounts that will be available in the State's unemployment fund for the payment of compensation in such month, and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1201/a/3/C" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">compensation</term>” means cash benefits payable to individuals with respect to their unemployment, exclusive of expenses of administration.</content> </subparagraph> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/74/271/tXII/s1201/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">The Secretary of the Treasury shall, prior to audit or settlement by the General Accounting Office, transfer in monthly installments from the Federal unemployment account to the account of the State in the Unemployment Trust Fund the amount certified under subsection (a) by the Secretary of Labor (but not exceeding that portion of the balance in the Federal unemployment account at the time of the transfer which is not restricted as to use pursuant to section 903(b)(1)). The amount of any monthly installment so transferred shall not exceed the amount estimated by the State to be required for the payment of compensation for the month with respect to which such installment is made.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/74/271/tXII/s1202" styleType="traditional"> <heading style="-uslm-dtd:header">repayment by states of advances to state unemployment funds </heading> <num style="-uslm-dtd:enum" value="1202">Sec. 1202. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s1322">42 U.S.C. 1322</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/74/271/tXII/s1202/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">The Governor of any State may at any time request that funds be transferred from the account of such State to the Federal unemployment account in repayment of part or all of that balance of advances, made to such State under section 1201, specified in the request. The Secretary of Labor shall certify to the Secretary of the Treasury the amount and balance specified in the request; and the Secretary of the Treasury shall promptly transfer such amount in reduction of such balance.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/74/271/tXII/s1202/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">Except as otherwise provided in this subsection, each State shall pay interest on any advance made to such State under section 1201. Interest so payable with respect to periods during any calendar year shall be at the rate determined under paragraph (4) for such calendar year.</content></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">No interest shall be required to be paid under paragraph (1) with respect to any advance or advances made during any calendar year if—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/2/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">such advances are repaid in full before the close of September 30 of the calendar year in which the advances revere made,</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/2/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">no other advance was made to such State under section 1201 during such calendar year and after the date on which the repayment of the advances was completed, and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/2/C" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">such State meets funding goals, established under regulations issued by the Secretary of Labor, relating to the accounts of the States in the Unemployment Trust Fund.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/3" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="3">(3)</num><subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/3/A" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">Interest payable under paragraph (1) which was attributable to periods during any fiscal year shall be paid by the State to the Secretary of the Treasury prior to the first day of the following fiscal year. If interest is payable under paragraph (1) on any advance(hereinafter this subparagraph referred to as the “<quotedText style="-uslm-dtd:quote">first advance</quotedText>”) by reason of another advance made to such State after September 30 of the calendar year in which the first advance was made, interest on such first advance attributable to periods before such September 30 shall be paid not later than the day after the date on which the other advance was made.</content></subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/3/B" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">Notwithstanding subparagraph (A), in the case of any advance made during the last 5 months of any fiscal year, interest on such advance attributable to periods during such fiscal year shall not be required to be paid before the last day of the succeeding taxable year. Any interest the time for payment of which is deferred by the preceding sentence shall bear interest in the same manner as if it were an advance made on the day on which it would have been required to be paid but for this subparagraph.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/3/C" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="C">(C)</num><clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/3/C/i" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="i">(i) </num><chapeau style="-uslm-dtd:text">In the case of any State which meets the requirements of clause (ii) for any calendar year, any interest otherwise required to be paid under this subsection during such calendar year shall be paid as Alloy</chapeau> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/74/271/tXII/s1202/b/3/C/i/I" styleType="OLC" class="leftIndentDecrease3"> <num style="-uslm-dtd:enum" value="I">(I) </num><content style="-uslm-dtd:text">25 percent of the amount otherwise required to be paid on or before any day during such calendar year shall be paid on or before such day; and</content> </subclause> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/74/271/tXII/s1202/b/3/C/i/II" styleType="OLC" class="leftIndentDecrease3"> <num style="-uslm-dtd:enum" value="II">(II) </num><content style="-uslm-dtd:text">25 percent of the amount otherwise required to be paid on or before such day shall be paid on or before the corresponding day in each of the 3 succeeding calendar years.</content> </subclause><continuation style="-uslm-dtd:continuation-text" role="paragraph">No interest shall accrue on such deferred interest.</continuation></clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/3/C/ii" styleType="OLC" class="leftIndentDecrease3"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">A State meets the requirements of this clause for any calendar year if the rate of insured unemployment (as determined for purposes of section 203 of the Federal-State Extended Unemployment Compensation Act of 1970) under the State law of the period consisting of the first 6 months of the preceding calendar year equaled or exceeded 7.5 percent.</content> </clause> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/4" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="4">(4) </num><chapeau style="-uslm-dtd:text">The interest rate determined under this paragraph with respect to any calendar year is a percentage (but not in excess of 10 percent) determined by dividing—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/4/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the aggregate amount credited under section 904(e) to State accounts on the last day of the last calendar quarter of the immediately preceding calendar year, by</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/4/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the aggregate of the average daily balances of the State accounts for such quarter as determined under section 904(e).</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/5" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">Interest required to be paid under paragraph (1) shall not be paid (directly or indirectly) by a State from amounts in its unemployment fund. If the Secretary of Labor determines that any State action results in the paying of such interest directly or indirectly (by an equivalent reduction in State unemployment taxes or otherwise) from such unemployment fund, the Secretary of Labor shall not certify such State's unemployment compensation law under section 3304 of the Internal Revenue Code of 1954. Such noncertification shall be made in accordance with section 3304(c) of such Code.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/6" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="6">(6)</num><subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/6/A" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">For purposes of paragraph (2), any voluntary repayment shall be applied against advances made under section 1201 on the last made first repaid basis. Any other repayment of such an advance shall be applied against advances on a first made first repaid basis.</content></subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/6/B" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">For purposes of this paragraph, the term “<term style="-uslm-dtd:term">voluntary repayment</term>” means any repayment made under subsection (a).</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/7" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="7">(7) </num><content style="-uslm-dtd:text">This subsection shall only apply to advances made on or after April 1, 1982.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/8" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="8">(8)</num><subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/8/A" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">With respect to interest due under this section on September 30 of 1983, 1984, or 1985 (other than interest previously deferred under paragraph (3)(C)), a State may pay 80 percent of such interest in four annual installments of at least 20 percent beginning with the year after the year in which it is otherwise due, if such State meets the criteria of subparagraph (B). No interest shall accrue on such deferred interest.</content></subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/8/B" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">To meet the criteria of this subparagraph a State must</chapeau> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/8/B/i" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">have taken no action since October 1, 1982, which would reduce its net unemployment tax effort or the net solvency of its unemployment system (as determined for purposes of section 3302(f) of the Internal Revenue Code of 1954); and</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/8/B/ii" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="ii">(ii)</num><subclause style="-uslm-dtd:subclause" identifier="/us/sComp/74/271/tXII/s1202/b/8/B/ii/I" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="I">(I) </num><content style="-uslm-dtd:text">have taken an action (as certified by the Secretary of Labor) after March 31, 1982, which would have increased revenue liabilities and decreased benefits under the State's unemployment compensation system (hereinafter referred to as a “<quotedText style="-uslm-dtd:quote">solvency effort</quotedText>”) by a combined total of the applicable percent age (as compared to such revenues and benefits as would have been in effect without such State action) for the calendar year for which the deferral is requested; or</content></subclause> <subclause style="-uslm-dtd:subclause" identifier="/us/sComp/74/271/tXII/s1202/b/8/B/ii/II" styleType="OLC" class="leftIndentDecrease3"> <num style="-uslm-dtd:enum" value="II">(II) </num><content style="-uslm-dtd:text">have had, for taxable year 1982, an average unemployment tax rate which was equal to or greater than 2.0 percent of the total of the wages (as determined without any limitation on amount) attributable to such State subject to contribution under the State unemployment compensation law with respect to such taxable year.</content> </subclause> </clause><continuation style="-uslm-dtd:continuation-text" role="subparagraph">In the case of the first year for which there is a deferral (over a year period) of the interest otherwise payable for such year, the applicable percentage shall be 25 percent. In the case of the second such year, the applicable percentage shall be 35 percent. In the case of the third such year, the applicable percentage Shall be 50 percent.</continuation> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/8/C" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="C">(C)</num><clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/8/C/i" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">The base year is the first year for which deferral under this provision is requested and subsequently granted. The Secretary of Labor shall estimate the unemployment rate for the base year. To determine whether a State meets the requirements of subparagraph (B)(ii)(I), the Secretary of Labor shall determine the percentage by which the benefits and taxes in the base year with the application of the action referred to in subparagraph (B)(ii)(I) are lower or greater, as the case may be, than such benefits and taxes would have been without the application of such action. In making this determination, the Secretary shall deem the application of the action referred to in subparagraph (B)(ii)(I) to have been effective for the base year to the same extent as such action is effective for the year following the year for which the deferral is sought. Once a deferral is approved under clause (ii)(I) of subparagraph (B) a State must continue to maintain its solvency effort. Failure to do so shall result in the State being required to make immediate payment of all deferred interest.</content></clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/8/C/ii" styleType="OLC" class="leftIndentDecrease3"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">Increases in the taxable wage base from $6,000 to $7,000 or increases after 1984 in the maximum tax rate to 5.4 percent shall not be counted for purposes of meeting the requirement of subparagraph</content> </clause> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/8/D" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">In the case of a State which produces a solvency effort of 50 percent, 80 percent, and 90 percent rather than the 25 percent, 35 percent, and 50 percent required under subparagraph (B), the interest shall be computed at an interest rate which is 1 percentage point less than the otherwise applicable interest rate.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/9" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="9">(9) </num><content style="-uslm-dtd:text">Any interest otherwise due from a State on September 30 of a calendar year after 1982 may be deferred (and no interest shall accrue on such deferred interest) for a grace period of not to exceed 9 months if, for the most recent 12-month period for which data are available before the date such interest is otherwise due, the State had an average total unemployment rate of 13.5 percent or greater.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/74/271/tXII/s1202/b/10" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="10">(10)</num><subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/10/A" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="A">(A) </num><chapeau style="-uslm-dtd:text">With respect to the period beginning on the date of enactment of the Emergency Unemployment Insurance Stabilization and Access Act of 2020 and ending on September 6, 2021—</chapeau> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/10/A/i" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">any interest payment otherwise due from a State under this subsection during such period shall be deemed to have been made by the State; and</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/74/271/tXII/s1202/b/10/A/ii" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">no interest shall accrue during such period on any advance or advances made under section 1201 to a State.</content> </clause></subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/74/271/tXII/s1202/b/10/B" styleType="OLC" class="leftIndentDecrease2"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">The provisions of subparagraph (A) shall have no effect on the requirement for interest payments under this subsection after the period described in such subparagraph or on the accrual of interest under this subsection after such period.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/74/271/tXII/s1202/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">Interest paid by States in accordance with this section shall be credited to the Federal unemployment account established by section 904(g) in the Unemployment Trust Fund.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/74/271/tXII/s1203" styleType="traditional"> <heading style="-uslm-dtd:header">advances to federal unemployment account </heading> <num style="-uslm-dtd:enum" value="1203">Sec. 1203. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s1323">42 U.S.C. 1323</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">There are hereby authorized to be appropriated to the Federal unemployment account, as repayable advances, such sums as may be necessary to carry out the purposes of this title. Amounts appropriated as repayable advances shall be repaid by transfers from the Federal unemployment account to the general fund of the Treasury, at such times as the amount in the Federal unemployment account is determined by the Secretary of the Treasury, in consultation with the Secretary of Labor, to be adequate for such purpose. Any amount transferred as a repayment under this section shall be credited against, and shall operate to reduce, any balance of advances repayable under this section. Whenever, after the application of sections 901(f)(3) and 902(a) with respect to the excess in the employment security administration account as of the close of any fiscal year, there remains any portion of such excess, so much of such remainder as does not exceed the balance of advances made pursuant to this section shall be transferred to the general fund of the Treasury and shall be credited against, and shall operate to reduce, such balance of advances. Amounts appropriated as repayable advances for purposes of this subsection shall bear interest at a rate equal to the average rate of interest, computed as of the end of the calendar month next preceding the date of such advance, borne by all interest bearing obligations of the United States then forming part of the public debt; except that in cases in which such average rate is not a multiple of one-eighth of 1 percent, the rate of interest shall be the multiple of one-eighth of 1 percent next lower than such average rate.</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/74/271/tXII/s1204" styleType="traditional"> <heading style="-uslm-dtd:header">definition of governor </heading> <num style="-uslm-dtd:enum" value="1204">Sec. 1204. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s1324">42 U.S.C. 1324</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">When used in this title, the term “<term style="-uslm-dtd:term">Governor</term>” includes the Commissioners of the District of Columbia.</content> </section>