Michigan begins payback of federal unemployment loans
As unemployment has soared and remained high, the state of Michigan, like many other states, has borrowed billions from the federal government to cover its unemployment benefit payments. Starting this month, the bill comes due.
Stateline has a graphic that shows how much each state owes. Michigan has the second largest amount, $3.1 billion; only California’s $8.5 billion is higher. Michigan must start paying the interest on those loans beginning this month, with nearly $111 million due by Sept. 30.
The total amount owed to the federal government is more than $36 billion.
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