Coronavirus unemployment: State borrows money to keep EDD jobless payments flowing
https://www.mercurynews.com/2020/05/05/coronavirus-unemployment-the-last-time-edd-jobless-fund-went-broke-taxes-jumped/
California is borrowing money to keep paying unemployment claims ushered in by a feeble job market infected by the coronavirus, state officials have confirmed.
It’s not clear how California might repay the federal government for the money it is borrowing — or how much money the state will require — but the last time the state had to borrow money to keep the unemployment insurance fund afloat, tax costs for businesses rose.
Coronavirus unemployment: State borrows money to keep EDD jobless payments flowing
May 5, 2020, 5:31pm UTC
https://www.mercurynews.com/2020/05/05/coronavirus-unemployment-the-last-time-edd-jobless-fund-went-broke-taxes-jumped/
> California is borrowing money to keep paying unemployment claims ushered in by a feeble job market infected by the coronavirus, state officials have confirmed.
> It’s not clear how California might repay the federal government for the money it is borrowing — or how much money the state will require — but the last time the state had to borrow money to keep the unemployment insurance fund afloat, tax costs for businesses rose.