Unemployment Fund back in the black

HONOLULU — Hawai‘i’s Unemployment Trust Fund, which pays out unemployment checks, is back in the black after borrowing federal dollars since December 2010 to cover benefits payments.

The state had projected owing more than $1 million in interest to the federal government on $163 million worth of loans taken out from December through September.

But Hawai‘i taxpayers are only on the hook for $211,000 in interest for loans taken out in December, according to the Hawai‘i Department of Labor and Industrial Relations. An additional $371,000 in accrued interest for loans taken out since January will be waived if the state does not take out additional federal loans between Oct. 1 and Dec. 31 of this year.

Read the whole story at Civil Beat.

• Honolulu Civil Beat is an online news source serving Hawai‘i. Read more at www.CivilBeat.com.


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