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Webster Bank Partners With Connecticut To Provide Loans For Federal Workers

Ned Lamont
Mark Pazniokas
/
CTMirror.org

Governor Ned Lamont has announced a partnership with local banks that will see federal workers in Connecticut offered interest-free loans to help them during the government shutdown. 

Fifteen hundred federal workers are currently without pay in the state, and 80 percent are not eligible for unemployment benefits.

Waterbury-based Webster, in conjunction with the Connecticut Bankers Association, will provide the loans, backstopped by the state itself. Preliminary estimates put the potential demand for loans at up to $5 million per pay cycle.

Lamont made the announcement along with Webster CEO John Ciulla Tuesday evening, saying discussions began only at noon that day. Both said they hope additional banks will step up to participate in the program.

Details of the program were scarce initially, but Lamont indicated that workers could receive an amount equal to their regular paycheck, with the understanding that the loan is repaid on a schedule, once the government re-opens and the workers receive their wages.

“Connecticut’s a leader here,” said Lamont. “I want to show how we can work collaboratively with the private sector to make this work, and I’d like to think that other states across the country use this as a model.”

“We’re really happy to do it -- it’s simply the right thing to do,” said Ciulla. “We want to make this as easy as possible, we want to make sure that we’re bridging people’s income to the time when are once again being paid by the government.”

Workers who are considered non-essential, and who are furloughed, are eligible for unemployment assistance, but those who are working without pay, including TSA officers and members of the Coast Guard, are not able to apply for benefits.

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

Connecticut Public’s journalism is made possible, in part by funding from Jeffrey Hoffman and Robert Jaeger.