From the Star Ledger:
New Jersey will borrow $1.7 billion from the federal government to replenish the unemployment fund that’s paid out more than $2.1 billion in benefits to workers who lost jobs or hours during the pandemic crisis.
Robert Asaro-Angelo said last week said he plans to submit a request by the end of the month to the U.S. Department of Labor for a line of credit to pay weekly unemployment claims.
The state will submit a request for a $1.7 billion loan to tide the state over in August, September and October, said labor department spokeswoman Angela Delli-Santi.
Despite the loan, the state will not increase the unemployment tax rates paid by employers and employees through the end of the next fiscal year in June 2021, Delli-Santi said. “No decisions have been made on FY22,” she said.