Employee Emergency Loan Program Launched
UW–Madison has established an emergency loan program to provide assistance to those employees who are experiencing financial hardship because they have been placed on Position-Specific Furlough or are working reduced hours in a Work-Share program. The loans are available at zero percent interest. For employees paid biweekly, the maximum amount of the loan is equal to their take home pay for two pay periods. For employees paid monthly, the maximum amount of the loan is equal to their take home pay for one pay period.
Although all aspects of the loan process can be completed online, employees can also arrange to pick up a paper application, drop off a completed application, or pick up a check for the loan amount. Important information, including the application form and promissory note, will be made available in multiple languages. Employees on voluntary leave without pay, voluntary reduction of hours, or Campus-Wide, Intermittent Furlough are not eligible for an emergency loan. Additional details and the application form are available at go.wisc.edu/i5t2kj.