Name: Pennsylvania may seek federal loan to pay jobless benefits
Brand: apnews.com
SKU: apnews-com-221
Availability: OnlineOnly

critic

Pennsylvania may seek federal loan to pay jobless benefits

preview

AP NEWS https://apnews.com/article/financial-markets-pennsylvania-tom-wolf-donald-trump-50b9967908fd5eef0be1f1d9bf017c0cClick to copyhttps://apnews.com/article/financial-markets-pennsylvania-tom-wolf-donald-trump-50b9967908fd5eef0be1f1d9bf017c0cClick to copyRelated topicsHARRISBURG, Pa. (AP) — Pennsylvania has contacted the U.S. Department of Labor about a loan to prop up its unemployment compensation trust fund as President Donald Trump pushes states to help pay for a new round of federal unemployment benefits.Gov. Tom Wolf’s office said Monday it was waiting for federal guidance to understand the full impact of Trump’s executive order. Wolf has urged Congress to extend the $600 per-week benefit, which ended last month. Under Trump’s plan, a new $400 a week benefit requires a state to commit to providing $100. Since it is written under disaster relief and emergency assistance law, Trump’s plan also requires a new program to be created from scratch, separate from Pennsylvania’s existing unemployment benefits programs, Wolf’s administration said.“This is not something that any state will be able to do quickly,” Wolf’s administration said in a statement.Reducing the benefit from $600 a week to $400 a week will make it harder for families to get by during the pandemic, Wolf’s administration said.It also places a larger financial burden on states, the administration said, noting that it has inquired about a federal loan as a precautionary measure. ADVERTISEMENTPennsylvania had $3.4 billion in its unemployment compensation trust fund at the beginning of the year, according to federal figures. Between March 15 and last Friday, Pennsylvania paid out $24.2 billion in unemployment benefits. Of that, $4.2 billion was state dollars, leaving Pennsylvania with just under $715 million in its trust fund, Wolf’s administration said.Wolf’s administration said it has completed all of the prerequisite work to ensure it can borrow a 0% interest loan from the U.S. Department of Labor. At this point, Wolf’s administration anticipates needing to secure the first loan by early September, it said.Just this year, Pennsylvania paid the final installment on $2.8 billion in bonds it issued in 2012 to retire a post-recession unemployment compensation debt that businesses owed to the federal government. The total debt service was $3.4 billion.

AP NEWS https://apnews.com/article/financial-markets-pennsylvania-tom-wolf-donald-trump-50b9967908fd5eef0be1f1d9bf017c0cClick to copyhttps://apnews.com/article/financial-markets-pennsylvania-tom-wolf-donald-trump-50b9967908fd5eef0be1f1d9bf017c0cClick to copyRelated topicsHARRISBURG, Pa. (AP) — Pennsylvania has contacted the U.S. Department of Labor about a loan to prop up its unemployment compensation trust fund as President Donald Trump pushes states to help pay for a new round of federal unemployment benefits.Gov. Tom Wolf’s office said Monday it was waiting for federal guidance to...

public

Marc Levy

Advancing the power of facts, globally 🌎

apnews.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Pennsylvania may seek federal loan to pay jobless benefits

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS