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SC unemployment fund could go broke without deal

SC unemployment fund could go broke without deal

A standoff between South Carolina Gov. Mark Sanford and the state's unemployment agency is endangering benefits to thousands of people.
The state's unemployment fund will run dry by the end of the day unless the state accesses a $146 million federal loan to keep benefits flowing through March.
But the Republican governor has said he won't sign a request for the loan until the state agency that calculates unemployment figures agrees in writing to several demands, including 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.
Last month, South Carolina reported the nation's third-worst unemployment rate at 8.4 percent.


Updated : 2021-04-19 20:46 GMT+08:00