The partial government shutdown which began on December 22nd and is the longest running government shutdown in history has led to many credit unions across the country and in Nebraska to offer a government employee furlough program to help those affected by the shutdown. Some 800,000 federal government employees did not receive their paycheck on Friday, January 11th due to the shutdown. There appears to be no end in sight to a stalemate between the Trump Administration and Congress.
Several Nebraska credit unions are offering their members affected by the shutdown relief so that they can weather the financial storm that they may find themselves in due to the shutdown. “President Trump signed a bill on Wednesday guaranteeing backpay for furloughed government employees but when every day bills are due it is credit unions that are stepping up to the plate to help out their members”, said Scott Sullivan, President/CEO of the Nebraska Credit Union League.
Cobalt Credit Union is offering their Furlough Relief & Assistance Program to government workers which allows the member to defer payment on loans up to 90 days. It also allows for reducing or eliminating interest on debt or extend the loan.
Siouxland Federal Credit Union is offering their affected members a 0% interest loan of up to $5,000 for four months.
Spirit of America Federal Credit Union is offering their impacted members with an additional skip payment on certain loans at the credit unions, interest only payments for up to three months and a personal loan with a delayed first payment for 60 days.