California unemployment debt: How to dig out of a $20 billion hole?

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California unemployment debt: How to dig out of a $20 billion hole?
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California has almost $20 billion of debt from the surge in unemployment claims during the pandemic, more than any other state

wind up shaving a whole year off the loan period, businesses won’t see earlier tax relief, according to Alamo.

The analysis also pointed out that the debt employers are set to pay off is largely separate from the issue of potentially fraudulent unemployment claims the state paid out during the pandemic. The vast majority of suspected fraud occurred via temporary federal unemployment programs, which were paid for by the federal government and did not contribute to California’s unemployment debt.

The governor’s proposal, she said, felt like a missed opportunity to give small businesses relief targeted to their needs, like helping with commercial rent or with covering the cost of offeringIt’s also $3 billion that could be spent elsewhere. Families face high prices for food and gas — and have long been struggling with high rent costs, Anderson said. “Three billion could go a long way to helping those families,” she said.

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