Frerichs Launches $50 Million Loan Program To Aid Federal Workers During Shutdown

SPRINGFIELD — Illinois State Treasurer Michael Frerichs announced a $50 million loan program to help unpaid federal workers during the ongoing government shutdown. The zero-interest and low-interest loans will be available through participating banks and credit unions across the state under the Treasurer’s linked-deposit program. An estimated 153,000 federal employees live and work in Illinois, though it’s unclear how many are currently unpaid. Great Lakes Credit Union is among the participating lenders. Frerichs said the program will provide short-term relief for affected workers and noted similar efforts were offered during past shutdowns and the COVID-19 pandemic.