Alabama Unemployment Loans Almost Repaid

By: The Associated Press
By: The Associated Press

Alabama has nearly repaid its debt to the federal government after borrowing $99 million to cover unemployment checks to jobless workers.

The Birmingham News reports the state owes only about $1 million in interest due in September. That's according to the National Employment Law Project, which issued a report showing Alabama fared better than many other states that needed loans after the recession drained their unemployment insurance programs.

The report's author, Mike Evangelist, says Alabama borrowed a relatively low amount that it could pay off in just a few years.

Unemployment in Alabama increased recently from 6.8 percent in April to 7.4 percent in June. But state officials say there are 36,000 fewer unemployed Alabamians than there were a year ago.

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