CRANSTON – The R.I. Department of Labor and Training received an $85 million, three-month line of credit on Thursday from the federal government for the unemployment insurance trust fund.
The line of credit will help cover unemployment insurance benefits payments for July, August and September.
Rhode Island has requested limited-term lines of credit over the past two years to pay unemployment insurance benefits whenever it foresees the balance of the trust fund will be insufficient.
Before this latest line of credit, Rhode Island had borrowed $315.4 million from the federal government and paid back $93 million, leaving $222.4 million in federal borrowing.
