Nevada OKs $23M Interest for Jobless Benefits Loan

By: Associated Press Email
By: Associated Press Email

LAS VEGAS (AP) - Nevada legislators are approving a $23 million
interest payment to the federal government on money borrowed to
cover unemployment claims in the state with the nation's highest
jobless rate.

The Nevada Appeal reports that a legislative interim finance committee allocated the money Wednesday. The payment is due by Sept. 30.

State officials say Nevada must pay the interest to maintain a certified unemployment program.

They say a larger interest payment of about $40 million will come due in a few months.

The recession-wracked state has now borrowed $773.2 million from
the federal treasury to cover unemployment checks.

Borrowing started when an $800 million cushion of reserves dried up in October 2009.

Nevada's unemployment rate stands at 12.9 percent.


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