The pool of money that pays for Maryland unemployment benefits, the Unemployment Insurance Trust Fund, is running out of money. As a result, Maryland businesses could be forced to pay more into the fund.
State Labor Secretary Tiffany Robinson told a group of lawmakers and community leaders on Thursday that, after paying a “record number of applicants,” the fund has about $615 million left — a little more than the benefits paid out since March 9.
In the best-case scenario, the state plans to borrow $1.2 billion from the U.S. Department of Labor at the end of August. In the worst-case scenario, the state will borrow nearly $1.9 billion dollars in about two weeks.