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As Millions of Floridians Await Benefits, Florida Unemployment Fund Collects Millions In Interest

As Millions of Floridians Await Benefits, Florida Unemployment Fund Collects Millions In Interest

After a record number of unemployed Floridians flooded the state’s unemployment website, a month later an I-Team investigator Kyle McGivern discovered that Florida has collected more interest on its unemployment fund than any other state.

Over the last three months, while numerous Floridians have awaited benefits, Florida’s unemployment fund has earned nearly $25 million in interest.

Other states’ unemployment funds are quickly diminishing due to checks being mailed out quickly to those unemployed due to the coronavirus. Florida is the only state in March that earned more money than was distributed to much needing individuals.

Still, the $4 billion unemployment fund continues to grow as Floridians struggle to receive the federal and state unemployment checks that they are owed and need.

In an email from The Florida Department of Economic Activity it was stated that in March, money was received faster than it could be distributed, hence the reason the Trust Fund has shown an increase.That minor increase that they speak of is roughly $3 million in March.

Employers are still paying in despite being shut down, and that says a lot being as their employees are not collecting any of the benefits.Florida businesses fund the unemployment trust by paying unemployment taxes which collect interest at a high rate.

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