The Snyder administration has sent lawmakers the official request for $38.25 million from the state's general fund to help pay an interest bill on Michigan's $3.1 billion federal unemployment insurance debt.

On Monday, the request went from the state budget office to the chairs of the Senate and House Appropriations Committee. Crain's reported probably would be in the works once the state received the U.S. Department of Labor's final estimate of interest due.

The state's total interest payment, due by the end of the month, is about $106 million. Available revenue from a state solvency tax that went into effect this year on thousands of Michigan employers, and from state unemployment penalty and interest funds, will total nearly $67.8 million. That leaves the state $38.25 million short of what it needs to make the interest payment.

Filed Under : Unemployment Insurance