[dateline] -- Ohio officials are asking the federal government for a line of credit to inject into the unemployment fund for a span of three months.
As the result of the economic challenges, as well as rising unemployment claims and declining revenue, the Ohio Department of Job and Family Services has applied to receive a loan in the amount of $550 million from the federal unemployment account.
The breakdown of the funding would transfer $50 million during December and $250 million each for January and February.
ODJFS said the request is a precautionary measure, but the forecast for the fun isn't looking good.
The fund currently holds $277 million, which is about half of what it held in Nov. 2007.
The money will be a loan with interest that the state will have to pay back. The department is asking the federal government to waive the interest fees, but that decision has not been made.
Officials said the loan would in no way interfere with the benefits currently being paid to eligible Ohioans.
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