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State gets $17M loan to pay unemployment benefits

By Associated Press

LAST UPDATED: 11:19 p.m. HST, Dec 14, 2010

The state has received a $17 million loan from the federal government so it can continue to pay unemployment benefits.

KITV reported Tuesday that it was the first time in three decades Hawaii has had to borrow money from the U.S. to pay jobless claims because its own funds have been exhausted.

Thirty-two other states have received similar loans.

Interim state labor Director Dwight Takamine says the loan will ensure that unemployed workers who qualify get benefit checks.

The loan will cover unemployment claims through the first quarter of 2012. It is interest free until September. After that, the U.S. will begin charging 4 percent interest.

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