With a potential government shutdown looming, San Antonio-based USAA is offering government employees interest-free loans of up to $6,000 to get them through the holiday season.
To qualify for the emergency loan, members of the insurance and financial services company must work for a federal agency impacted by the shutdown. They also must have had a paycheck direct deposited into their USAA bank account within the past 30 days.
“Stability plays an important role in the financial security of our members, and empowering that security is our mission,” vice president of consumer lending at USAA Federal Savings Bank Mark Pregman said in a statement. “Our members can count on USAA to be there with them in the event of a government shutdown and ensure that their day-to-day financial needs continue to be met.”
A bipartisan spending package ended up on the rocks Wednesday after President-elect Donald Trump encouraged GOP lawmakers to vote against it, claiming that the deal caved to Democrats’ demands.
With the compromise derailed, Congress is scrambling to put together a deal before a deadline of midnight Friday.
If the government does shut down, thousands of people working at San Antonio’s military installations risk not being paid until Congressional leaders can get their shit together. While full-time federal employees will receive backpay in the event of a shutdown, even one missed paycheck can bite deeply into a family’s budget.
More information about the emergency loans is available on USAA’s website.
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This article appears in Dec 11-17, 2024.