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Despite draining 89% of unemployment funds, Michigan says it won’t run out in 2021
Updated Feb 18, 2021;
Posted Feb 18, 2021
Unemployment claims increased to nearly 1 million in Michigan for the week of Jan. 30.Tony Dejak | AP Photo
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Michigan’s unemployment fund took a hit from the pandemic, but the state’s Unemployment Insurance Agency said Thursday it’s “highly unlikely” the money will run out in 2021.
States pay unemployed workers via a trust fund that employers pay into every year. The fund had $4.6 billion in it before the pandemic, but now sits at just more than $500 million – meaning about 89% of the fund has been drained in less than a year.
Labor and Economic Opportunity
UIA Update: Trust Fund remains healthy, Michigan unlikely to borrow in 2021
February 18, 2021
Based on current unemployment claims activity and economic conditions, the Unemployment Insurance Agency today announced that it is highly unlikely the Agency will need to borrow from the federal government to cover unemployment benefits in 2021.
Currently, Michigan has one of the healthiest trust funds in the nation, with over $500M available for unemployment benefits and is one of few states that has yet to borrow from the fund. States such as California, Ohio and Texas started borrowing in spring 2020.
Each state maintains its own Unemployment Insurance Trust Fund (UITF) reserve to pay for state UI benefits. The fund is built from state taxes paid by employers. States can take on a title XII loan from the federal government if their own reserves are insufficient.