Major U.S. Companies Offer Relief for Shutdown Employees

shutdown

The United States government enters its 26th day of shutdown this Wednesday, leaving 800,000 federal workers either furloughed or working without pay. While lawmakers appear no closer to reaching an agreement that would reopen the government, there are some major companies that have offered relief for federal employees.

Companies like AT&T, Bank of America, and Discover have offered special credit programs for the duration of the shutdown.

Programs Available to Federal Employees During the Shutdown

AT&T is one of the largest corporations to provide assistance during the shutdown. In a public statement, the company said that “As long as the shutdown is in effect, our customer service team will waive late fees, provide extensions and coordinate with you on revised payment schedules.”

Both Verizon and T-Mobile also indicated that they would be flexible with government employees during the shutdown, pending case-by-case consideration.

Bank of America and Chase have also offered assistance, with special consideration offered for federal workers. Both banks have robust hardship programs in place. For Chase, the hardship programs extend to businesses that serve federal agencies.

Discover cardholders and debtors who have accounts with Discover Bank will be eligible for assistance that can include delayed payments and waived interest charges and late fees.

Wells Fargo has also offered its own assistance program. The bank advised that members should call the phone number on their “credit card, debit card, or statement for assistance, or visit any Wells Fargo branch. Mortgage, loan, and credit customers may qualify for forbearance or other personal assistance programs based on their individual circumstances.”

The U.S. Employees Credit Union, a popular financial institution for government workers, has offered interest-free loans to federal employees for the duration of the shut. Loans should be repaid within 60 days, or whenever the government makes back-payments for furloughed workers, depending on which happens sooner.

Unlisted banks, lenders, utility companies, and other service providers typically offer hardship programs on a case by case basis. Federal employees are advised to reach out to their respective providers to discuss their options during the shutdown.

How Much Will the Shutdown Cost the Economy?

The shutdown has a very real and immediate monetary impact on government workers. It will also cost the economy billions. According to Standard & Poor’s, the shut had already cost the economy $3.6 billion as of January 11. If the shutdown lasts beyond January 25, the economic impact would be at least $5.7 billion, and will only increase from there.

Lawmakers remain deadlocked with neither side willing to budge on a disputed spending bill that would include $5.7 billion for a southern border wall.

 

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The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

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