New Mexico forced to borrow federal money for unemployment

The coronavirus pandemic has depleted the fund New Mexico uses to pay unemployment benefits, forcing the state to borrow money from the federal government to continue paying claims.

The state’s Department of Workforce Solutions has paid out more than $2 billion in unemployment benefits since mid-March. There are about 90,000 people currently receiving jobless benefits, down from a high of 150,000 in July, although just 9,600 in New Mexico were on unemployment before mid-March.

New Mexico’s and other states’ unemployment filings skyrocketed in late March when government restrictions were put in place meant to slow the spead of COVID-19.

Read more…

Please follow and like us: