KLAS-TV Channel 8 News Las VegasNevada May Borrow Millions for Jobless Benefits
CARSON CITY, Nv -- State officials have applied for up to $264 million in federal loans to meet Nevada's obligations for unemployment benefits through the end of the year.
In a letter sent last week to the U.S. Department of Labor, Nevada officials ask for up to $48 million in October, $120 million in November and $96 million in December.
Officials add Nevada could need more than $1 billion to get through 2010 if the economy doesn't make a dramatic turnaround.
Twenty other states plus the U.S. Virgin Islands are currently receiving federal loans to cover unemployment insurance claims during the recession.
Nevada's jobless rate reached a record 12.5 percent in July, the third highest in the nation. August figures are expected to be released Friday.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
