CMS Lists Banks Participating in Payroll Gap Assistance Loans

This is just a reminder that in 2015 the Illinois Department of Central Management Services (CMS) created a website listing financial institutions that will participate in Payroll Gap Assistance (PGA) Loans if the ongoing budget impasse or court rulings prevent the State of Illinois from issuing paychecks to state employees. In June, the Governor and the Legislature agreed to a six month “stop gap” budget that is scheduled to expire December 31, 2016. It does not seem likely a deal will be reached for a state budget prior to the expiration of this temporary budget, and the issue of paying state employees could be revisited. Illinois community banks that would like to be listed on the CMS site should complete the registration form.