Treasurer: Credit unions to offer loans to state workers
State workers who are likely to miss paychecks during an ongoing budget standoff will be able to get interest-free loans to help pay their bills.
Illinois Treasurer Michael Frerichs is scheduled to announce a partnership with the Illinois Credit Union League on Thursday.
Frerich’s office says the loans will help ensure state workers have financial options should they not be paid.
Illinois started a new fiscal year July 1 without a budget in place, and lawmakers remain deadlocked on a spending plan.
On Tuesday a Cook County Judge ruled that without spending authority, the Illinois comptroller may only pay some workers at the federal minimum wage of $7.25 per hour.