Business

Maryland Taking Out $250M loan to Cover Unemployment Checks

Baltimore Business Journal
The state will borrow $250 million to prop up its nearly depleted unemployment insurance fund, the Maryland Department of Labor, Licensing and Regulation said Thursday. With the fund down to $96 million on Jan. 14, the state anticipates needing the advance in February. Those collecting jobless benefits are not expected to notice any interruptions in payments. Maryland expects to repay the federal government loan without interest by the year’s end, said Alexander M. Sanchez, secretary of the Maryland Department of Labor, Licensing and Regulation. The loan is interest-free if paid back by the end of the year.
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Posted by Editor at February 3, 2010 03:09 AM