by The Associated Press
Published: Fri, August 07, 2009 - 5:13 pm CST
MONTGOMERY, Ala. (AP) - The state of Alabama plans to borrowmoney to keep paying unemployment benefits now that Alabama's
jobless rate is at its highest level in 25 years.
State Industrial Relations Director Tom Surtees says Alabama has
requested money from the federal government, as 16 states have
already done. Alabama plans to borrow $40 million in September and
expects to borrow more until April 2010, when unemployment taxes
are due from employers.
Surtees says this is the first time Alabama has had to borrow
money for unemployment benefits since the recession of 1983. The
borrowed money will be interest free until Sept. 30, 2011.
Surtees says unemployed Alabamians will not see any changes in
their benefits.
Alabama's latest unemployment rate is 10.1 percent.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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