Federal assistance for California unemployment

California has become the first state to borrow money from the federal government so it can continue paying out unemployment benefits, serving as an early sign of the potential magnitude of federal assistance that could be required.

The Golden State took out $348M in federal funds after receiving approval to tap up to $10B through the end of July.

On that note, California Governor Gavin Newsom said some of the state's retail and manufacturing businesses could reopen by the end of this week with modifications.

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