California's IOUs spell uncertainty for small businesses

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California's IOUs spell uncertainty for small...

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Posted Friday, July 03, 2009 10:10 AM

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Last Login: Tuesday, November 17, 2009 5:27 PM
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BERKELEY, Calif. -- Business consultant Katrina Kennedy has taken her young son out of preschool and put a family vacation on hold. Dairyman Mike O'Kelly is wondering whether he is going to have to let employees go.

The problem? They rely on contracts with state agencies for much of their business and, starting Thursday, cash-strapped California may start sending them IOUs instead of money until the state has enough cash to cover all payments.

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