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Gov. Pritzker, Treasurer Frerichs lead loan program to help federal workers during shutdown

SPRINGFIELD - Tuesday, Gov. J.B. Pritzker joined Illinois Treasurer Michael Frerichs to announce a $100 million program to fund zero or low-interest loans so furloughed federal workers who live in Illinois can pay their bills during the partial federal government shutdown.

Pritzker also called on lenders doing business in the state to waive fees and provide other support to furloughed workers, especially as they deal with mortgage payments, student loans and car loans. Lenders that have already agreed to participate are listed online at www.illinois.gov/shutdownaid; their assistance ranges from deferments on loans to 0 percent interest to assisting individuals on a case-by-case basis.

The treasurer said the loans won't hurt the state's finances. Both leaders didn't shy away from politiczing the announcement, blaming President Donald Trump largely for the crisis. 

More than 8,000 federal employees who live in Illinois have been affected by the partial shutdown that began Dec. 22. Nationally, the figure is more than 800,000.

“Through no fault of their own, federal employees living in Illinois are not receiving their paychecks while expenses continue to pile up,” said Pritzker. “We have an obligation as a state to do everything we can to help those paying a direct price for the actions of the president. This loan program will help those struggling to meet their day-to-day expenses as the shutdown drags on. My administration is continuing to explore all possible options to shore up critical services that receive federal funding, to make sure our most vulnerable families are protected from the harm the Trump shutdown might cause, and to assist impacted federal employees.”

The “linked” deposit loan program will be run by the Treasurer’s office in partnership with various banks and credit unions across the state. 

A partial list of participating banks and credit unions offering assistance are below:
 
•    1st Mid America
•    Bank of America
•    BMO Harris
•    CIBC
•    Citizens Equity First Credit Union (CEFCU)
•    Community Plus Federal Credit Union
•    First Midwest Bank
•    Heartland Credit Union
•    Home State Bank
•    IH Mississippi Credit Union (IHMVCU)
•    KCT Credit Union
•    R.I.A. Federal Credit Union
•    Scott Credit Union
•    JP Morgan Chase
•    SENB Bank
•    SIU Credit Union
•    University of Illinois Community Credit Union
•    U.S. Bank
•    U.S. Employee Credit Union
•    Wells Fargo
•    Wintrust
•    Vibrant Credit Union


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