Ohio unemployment fund exhausted
The funding for Ohio’s unemployment insurance program has been depleted, forcing the state to start borrowing federal funds. Officials say no disruptions in benefits are expected.
Ohio officials Monday asked to borrow $50 million to pay unemployment benefits. The money will come from a $500 million fund approved by the U.S. Department of Labor to cover benefits for January and February.
Refer to Ohio Unemployment claims guide check the eligibility criteria to file claims.
Ohio and many other states have seen their unemployment funds decrease drastically as the number of unemployed workers has surged amid the recession. Ohio paid claims to 248,000 jobless workers in the last week of December, a 63 percent increase from the same week a year earlier.
To avoid hefty interest payments, Ohio must repay the federal loan by the end of the federal fiscal year, Sept. 30, and not borrow again for 90 days afterward. If the loan is not repaid within two years, federal law requires a mandatory tax increase on Ohio employers.