Governor Mark Sanford will announce his decision on seeking a federal loan for continuation of unemployment benefits Wednesday at 12:15 p.m., according to a press release from the Governor’s office.
The state unemployment fund is set to run dry by the end of Wednesday unless Governor Sanford and state officials can settle on an agreement for the state to tap into a $146 million federal loan that would keep the benefits coming through March.
Gov. Sanford has previously said he won't request the federal money until the state agency that calculates unemployment figures agrees to an audit by a state watchdog.
The state's trust fund has been losing money for years as annual payments have exceeded the amount businesses pay in unemployment insurance taxes, according to The Associated Press.
Currently around 77,000 South Carolinians receive state unemployment benefits. The state’s unemployment rate is 8.4%, the third-worst in the nation.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement