Due to the impasse in federal government, tens of thousands of federal employees have been left without a paycheck. In response, Illinois State Treasurer Frerichs proposes an emergency contingency linked deposit program to bridge the payment gap for federal employees.
Through the Federal Workers Emergency Loan Program, the Illinois State Treasurer’s Office is prepared to partner with credit unions and community banks throughout the state to offer loans to qualified federal employees. Under the community development linked deposit, federal employees who are, or become members of credit unions could be deemed eligible for an emergency contingency loan. The Treasurer's Office is committing $100 million to this initiative.
Financial institutions, working in concert with the State Treasurer’s Office, will issue loans—using capital currently available to the State Treasurer’s Office—to lendees that meet the financial institutions’ qualification standards. For additional basic information regarding this program, please see the Federal Worker Emergency Loan Program Flyer.
Become an Approved Depository
Financial institutions interested in participating in the Federal Workers Emergency Loan Program must become an approved state depository. Should you have any questions, please contact the Treasurer's Time Deposit Section at (866) 458-7327.
Specific loan terms will be determined in negotiations between financial institutions and the Illinois State Treasurer’s Office. The Illinois State Treasurer’s Office is prepared to support financial institutions with programs whom assist federal employees affected by the federal government impasse.
- If a financial institution is willing to provide zero-interest loans, we can offer to place deposits at the extremely competitive rate of 0.01% during the government shutdown and up to 90 days after federal government shutdown is resolved.
- If a financial institution is willing to provide low-interest loans, we can offer to place deposits at the competitive rates below during the government shutdown and up to 90 days after federal government shutdown is resolved.
- Capital will be loaned for 3-month periods, with renewal options while impasse is still occurring.
Federal Workers in Need of Financial Assistance
As financial institutions are added to this program, they will be added to the list of participating program depositories. Please contact our office if you have any questions pertaining to the list at 866-458-7327. Additional resources for federal employees affected by the government shutdown can be accessed at www.illinois.gov/shutdownaid.
Downloadable Forms for Applicants/Financial Institutions
Access to Capital and Linked Deposit Daily Rates
Click here to access rates approved for financial institutions participating in the Treasurer's Linked Deposit or Access to Capital Programs, including the Federal Workers Emergency Loan Program.