INDIANAPOLIS (AP) — The flood of unemployment claims stemming from the coronavirus pandemic has forced a request from Indiana officials to seek potentially $300 million in loans from the federal government.
The borrowing is needed because the state’s unemployment insurance trust fund that stood at nearly $1 billion before joblessness exploded in March has nearly gone dry. The state workforce development agency is seeking $60 million to cover shortfalls for September, plus a projected $120 million for each October and November.
Indiana is among more than 20 states and territories seeking federal loans for their unemployment funds.
(This story was originally published on Sept. 19, 2020)
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