Name: California becomes first state to borrow from U.S. to make unemployment payments
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California becomes first state to borrow from U.S. to make unemployment payments

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California has become the first state to borrow money from the federal government so it can continue paying out rising claims for unemployment benefits during the coronavirus pandemic. The Golden State borrowed $348 million in federal funds after receiving approval to tap up to $10 billion for this purpose through the end of July, a Treasury Department spokesman said Monday.The U.S. government has also approved loans of up to $12.6 billion for Illinois and up to $1.1 billion for Connecticut through the end of July to replenish state unemployment insurance funds, though the two states hadn’t yet started borrowing by the end of April. California was the only state to have accessed the program so far in the current downturn, the Treasury spokesman said. . Popular on WSJ.com:Ukrainian troops piled pressure on retreating Russian forces on Tuesday, pressing a counteroffensive that has produced major gains and a stunning blow to Moscow's military prestige.SearchVisit a quote page and your recently viewed tickers will be displayed here.Search TickersNo results found

California has become the first state to borrow money from the federal government so it can continue paying out rising claims for unemployment benefits during the coronavirus pandemic. The Golden State borrowed $348 million in federal funds after receiving approval to tap up to $10 billion for this purpose through the end of July, a Treasury Department spokesman said Monday.The U.S. government has also approved loans of up to $12.6 billion for Illinois and up to $1.1 billion for Connecticut through the end of July to replenish state unemployment insurance funds, though the two states hadn’t...

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Sarah Chaney

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California becomes first state to borrow from U.S. to make unemployment payments

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