COLUMBUS, Ohio (AP) — Ohio has repaid the U.S. Treasury nearly $1.5 billion the state borrowed for unemployment benefits to residents during the pandemic.
Republican Gov. Mike DeWine says the reimbursement to the Treasury, using funds dispersed through the federal COVID-19 rescue package, will prevent employers from facing future tax increases in order to pay off the loan.
The repayment comes just days before the Sept. 6 deadline when the federal government would have begun charging 2.27% interest on the debt.
Ohio made about a total of $2.1 billion in unemployment insurance overpayments during the pandemic.
The state says included in that figure were overpayments that resulted from fraud or errors.