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California becomes first state to borrow federal money to pay unemployment claims

May 4, 2020 / By Andrew O’Reilly | Fox News

California has become the first state in the nation to borrow money from the federal government to help it pay out the soaring number of unemployment claims tied to the coronavirus pandemic.

The country’s most populous state borrowed $348 million after receiving approval to use up to $10 billion in federal funds until the end of July, a Treasury Department spokesman told the Wall Street Journal on Monday.

Along with California, Illinois and Connecticut have also been approved to tap into federal funds to aid with the unemployment claims — $12.6 billion and $1.1 billion, respectively – but neither state has yet to borrow the money as of the end of April.

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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