We have added a new category to our salary loan program. You can now borrow up to $2,000 for a special Arctic Freeze 2021 Loan. If you have borrowed money under our current salary loan program and still have a balance due, the total amount you can borrow is $2,000 from all loans combined. We are also now delaying the first repayment for two pay periods. This loan requires approval by your manager.
Here are some details:
- If you don’t have an existing salary loan balance, you may borrow up to $2,000. If you currently have an existing loan balance of $500, you can borrow up to an additional $1,500.
- Any additional funds borrowed because of the Arctic Freeze can be paid back in 8 payments (16 weeks). For example, if you borrow $2,000, you will have $250 deducted from each paycheck for the next 8 paychecks.
- You cannot request a new Arctic Freeze loan until any other Arctic Freeze loan is paid off.
To be eligible for an Arctic Freeze salary loan, you must meet the following criteria:
- Regular (not temporary) employee with weekly standard hours of 20 or more
- No disciplinary action within the last six months
- Not on a leave of absence
The program is anticipated to be available in MARS starting Friday. For additional questions about this program, contact the HR Hub at 832.667.6211 or hrhub@houstonmethodist.org.
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