A handful of companies are raking in hundreds of millions of dollars in interest payments from Illinois under the program that allows them to “purchase” some of the state’s unpaid bills.
Comptroller Susana Mendoza has issued the first report detailing the Vendor Payment Program. That program allows companies, known as “qualified purchasers,” to pay businesses some of the money that they were owed by the state. Those qualified purchasers will then get the late payment interest money that is owed when the state finally pays the bill.
Qualified purchasers have scooped up around $5 billion in state debt and have so far received $265 million in late payment charges… and are still owed another $290 million from the state.