CHICAGO (WBBM NEWSRADIO) -- Illinois is turning to Uncle Sam to help those who are out of work.
The Illinois Department of Employment Security will begin to borrow funds from the federal government to continue to meet unemployment benefit payment obligations to claimants who have lost work as the COVID-19 pandemic continues, according to a press release from the IDES.
Illinois joins eight other states who have either been approved to borrow or have begun to borrow money from the federal government to continue to fulfill unemployment benefit payments.
Through the end of June, IDES anticipates borrowing approximately $300 million from the federal government.
IDES has been approved to borrow up to $3.8 billion through September. During the 2008 Great Recession, the department borrowed $1.4 billion, and it was repaid in five years through a joint funding agreement with Illinois' business community.
