Ohio’s Unemployment Insurance Fund Could be Depleted in Two Months

While discussing the Unemployment Insurance (UI) Trust Fund during the governor’s April 15 COVID-19 briefing, Lt. Gov. Jon Husted said that without federal assistance, the fund is expected to be insolvent “sometime in June.” He said the administration would work with the General Assembly on how best to address Ohio’s UI fund, which had the nation’s fifth-worst solvency rate according to a federal report released earlier this year.

During the Great Recession of 2008-09, the state was forced to borrow $3.4 billion from the federal government — resulting in more than $200 million in interest on the loan. 4/15/2020