New York Seeks $4 Billion Loan for Surging Unemployment Claims
- State has paid $2.2 billion in benefits since pandemic began
- New York’s unemployment trust had $2.7 billion at end of 2019
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New York State has applied for a $4 billion federal loan to shore up its unemployment trust fund amid a record surge of claims by workers sidelined by the Covid-19 pandemic, a spokeswoman said.
“All benefits, including enhanced benefits, are being paid, and to help ensure it remains that way the state has applied for an up to $4 billion, no interest federal loan,” said Deanna Cohen, a spokeswoman for the state Department of Labor.