California Borrows Federal Money to Pay Unemployment Benefits
California has borrowed $348 million in federal funds so that it can continue paying out unemployment benefits during the Coronavirus pandemic, according to The Wall Street Journal. About 3.7 million people have filed unemployment claims in the Golden State since mid-March. California’s unemployment trust fund balance dropped from $3.1 billion at the end of February to about $1.9 billion in mid-April.
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Last Updated on May 4, 2020 by Ramin Seddiq