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New Mexico forced to borrow federal money for unemployment

Added 09-23-20 02:23:02pm EST - “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.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “New Mexico forced to borrow federal money for unemployment”. Below is an excerpt from the article.

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.

Since testing began in early March, New Mexico has reported 27,683 positive coronavirus tests, including 106 on Monday, and 851 deaths, including two reported Monday.

Department of Workforce Solutions Cabinet Secretary Bill McCamley told a legislative committee hearing Tuesday that the state’s unemployment fund ran out of money on Sept. 8. Since then, New Mexico has borrowed almost $35.6 million to continue payments.

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