LD874

Establishes a loan guarantee program for federal and state employees affected by government shutdowns in Maine.

This bill establishes the Government Shutdown Loan Guarantee Program in Maine, which provides no-interest loans to federal and state employees affected by government shutdowns. The program guarantees up to 10% of the loans made by eligible financial institutions to affected employees. Eligible employees can receive loans up to their monthly after-tax pay, minus unemployment benefits, up to a maximum of $6,000. The program prohibits the use of creditworthiness as a factor for loan eligibility and requires eligible financial institutions to notify the authority of loans made.