Washington likely to seek loan to keep jobless fund solvent

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OLYMPIA, Wash. (AP) — Washington state could make a request for a federal loan as soon as August or September to secure funds by the end of the year in order to keep its unemployment trust fund solvent as it continues to pay out benefits to those affected by the coronavirus shutdowns.

The state’s unemployment trust fund, which had more than $4.7 billion at the start of March, is currently down to $2.8 billion.

To date, the state has paid more than $6.5 billion in benefits, of which two thirds is federal money that is providing the unemployed with an additional $600 a week on top of the state’s weekly maximum benefit of up to $790 per week.

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