Effective May 4, 2020, 6 additional states were added to the Title XII Advanced Authorization Loan list, according to the Treasury Direct website (https://www.treasurydirect.gov/govt/reports/tfmp/tfmp_advactivitiessched.htm).  California increased both the amount of the Advance Authorization and the Outstanding Advance Balance, with a gross influx of $150 million to the agency’s Trust Fund balance.  Notable among the new borrowers are New York ($1.2 billion) and Texas ($1.8 billion), as well as an increased Advance Authorization approved for Illinois in the amount of $5 billion.  CCC’s Tax Department continues to track these developments as additional states struggle to meet the increased applications for Unemployment Benefits while minimizing the impact to the employer Unemployment Insurance rates when possible.  Additional applications for Advance Authorizations are anticipated, as the underfunded State Trust Fund balances continue to deplete.  Please continue to follow CCC for additional updates on the impact of the COVID-19 Virus on state agencies, unemployment rates, and the State Trust Fund Balances.

 


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