Texas Jobless Fund Takes Beating Amid High Unemployment Claims

(Austin, TX) — The Texas jobless fund is taking a beating from the recent flood of unemployment claims because of the pandemic shutdowns.

Texas is one of at least six states that have asked to borrow federal money to pay unemployment claims because the state funds are expected to dry up. Federal loans taken out this year have to be repaid by late 2022, or else Washington could raise taxes on businesses to recover the money.

Financial analysts say many more states will probably apply for federal loans in the months ahead.