Indiana plans to borrow $300 million for jobless benefits

Coronavirus

INDIANAPOLIS (AP) — The flood of unemployment claims stemming from the coronavirus pandemic has forced a request from Indiana officials to seek potentially $300 million in loans from the federal government.

The borrowing is needed because the state’s unemployment insurance trust fund that stood at nearly $1 billion before joblessness exploded in March has nearly gone dry.

The state workforce development agency is seeking $60 million to cover shortfalls for September, plus a projected $120 million for each October and November.

Indiana is among more than 20 states and territories seeking federal loans for their unemployment funds.

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