In the midst of the government shutdown, thousands of federal workers are still without pay, many of them, veterans. Here is a list of organizations and financial institutions that are offering temporary financial assistance for those affected by the shutdown.
PenFed is offering its members three options while they work in furloughed status: Skip payment, Furlough Loan Product and Direct Deposit Assistance. Make sure to have a furlough letter available and call 1-800-247-5626 to speak with a Member Service Representative to determine eligibility.
Cadence Bank has locations in Texas, Georgia, Alabama, Florida, Mississippi, and Tennessee and is offering zero percent interest loans for federal employees.
“We recognize the financial hardship brought on by the government shutdown and would like to do what we can to help alleviate the stress of this situation on impacted government employees,” said Sam Tortorici, Cadence Bank CEO.
Cadence is also offering a month-loan payment extension to its furloughed clients, allowing them to wave certain fees and temporarily postpone their loan payment. Visit the nearest Cadence Bank branch or call 800-636-7622 for more information.
Coast Guard Mutual Assistance (CGMA)
Coast Guard members and their families can reach out to CGMA for financial assistance.
“We’re focusing on our most junior workforce. We would love to help everyone. It takes about $150 million to pay the whole workforce and of course, we don’t have $150 million.” said CGMA Chief Executive Officer and retired Rear Admiral Cari Thomas.
The organization's main focus is Coast Guard members E5 and below and GS-6 and below. Those with dependents can receive up to $1,000 and Coasties without dependents can receive up to $750.
Active Duty Coast Guard members and federal government employees can enroll in the Government Shutdown Loan Program. Members can receive a maximum loan up to $6,000 at zero percent interest with no fees.
Along with loan assistance, First Command Bank is offering penalty-free withdrawls, priority processing for increased credit limits, and deferred monthly payments for its affected members. Cash advances will also be waived during the shutdown. Contact 888-763-7600 for more information about the bank's resources.