Federal employees and contractors impacted by the government shutdown have friends in the financial services community.

Banks, RIAs and other financial companies are generously donating their time, services and money to assist workers that are taking home zero-dollar paychecks as the government shutdown drags on and on and on.

Financial Advisor reports that more than 60 CFPs have signed on to help government workers hurt by the shutdown.

Advisor Kevin Mahoney kickstarted the effort to help furloughed and unpaid workers. Mahoney, CEO of Illumint in Washington, D.C. and a member of the XY Planning Network, announced he’d offer free emergency planning advice to furloughed workers. XYPN notified hundreds of its advisors. Within hours, more than 60 CFPs from coast to coast volunteered to offer their expertise free of charge, with more still signing on.

Federal employees who need free financial advice during the furlough can contact a planner through the “Meet Our Advisors” section at www.xyplanningnetwork.com, or by searching for “furlough.”

Other banks, RIAs and financial institutions are taking different steps to help impacted government workers and contractors.

Thousands of Coast Guard service members and families are facing financial hardship as a result of the ongoing government shutdown. To assist them, USAA, based in San Antonio, has partnered with the Coast Guard Mutual Assistance (CGMA), based in Arlington, Va.

With the support of a $15 million donation from USAA, CGMA will disburse interest-free loans to Coast Guard personnel with the assistance of the American Red Cross Hero Care Center electronic fund distribution process. Effective January 16th, Coast Guard service members with dependents will be eligible for interest-free loans up to $1,000, while service members without dependents will be eligible for up to $750.

The CGMA loan assistance is designed to cover an estimated two weeks of shortfalls due to not being paid. The loans are earmarked for payment of housing, essential utilities, food and child care, and are available to all Coast Guard service members.

Coast Guard service members needing assistance should visit www.cgmahq.org.

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