City of Providence - $1,000 Bond - Emergency Unemployment Relief LoanInv# GB5704 Bond
$1,000 2 3/4% Bond printed by American Bank Note Company. Unemployment insurance in the United States, colloquially referred to as unemployment benefits, refers to social insurance programs which replace a portion of wages for individuals during unemployment. The first unemployment insurance program in the U.S. was created in Wisconsin in 1932, and the federal Social Security Act of 1935 created programs nationwide that are administered by state governments. The constitutionality of the program was upheld by the Supreme Court in 1937.
Each of the 50 U.S. states, as well as the District of Columbia, Puerto Rico, and U.S. Virgin Islands, administer their own unemployment insurance programs. Benefits are generally paid by state governments, funded in large part by state and federal payroll taxes levied on employers, to workers who have become unemployed through no fault of their own. Employees in Alaska, New Jersey and Pennsylvania are also required to contribute into the program. Benefit amounts for eligible workers vary by state, ranging from maximum weekly payments of $1,015 in Massachusetts to $235 in Mississippi as of 2022. According to the Internal Revenue Code, these benefits are classified as "social welfare benefits" and as such are included in a taxpayer's gross income. The standard duration of available unemployment compensation is six months, although extensions are possible during economic downturns. During the Great Recession, unemployment benefits were extended by 73 weeks. Read more at https://en.wikipedia.org/wiki/Unemployment_insurance_in_the_United_States
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.