Red Tab Foundation No-Interest Loans

Who is eligible for these no-interest loans?

All employees who are currently furloughed from their work at LS&Co. due to the Project SOLAR transition are eligible for a no-interest loan up to approximately the amount of income lost.  Grant requests will be considered for those who have no other resources (like savings) and who will be otherwise unable to pay rent, bills and buy food.

What do I need to apply?

The Red Tab Foundation is a non-profit organization and is facilitating this service in order to care for our employees during a particularly difficult time.  Accordingly, we will verify your status with the company through our own systems, but will not check your credit or require extensive documentation.  What you will need is:

·      Your LS&Co. Employee ID number

·      The bank routing and account number to which RTF should deposit funds

How quickly can I receive funds?

We will be processing loan payments twice a week, so it will take no longer than 4 business days for funds to reach your account.

When do I have to pay this back?

There are two options for how to repay your loan.

1.     Payroll Deductions: The default option for loan repayment is a deduction from your paycheck, which will begin as soon as you return to work.  At the time of applying for your loan, you can select how much you would like to repay per paycheck.

2.     Lump Sum: Since this loan is intended to bridge a gap in income as a result of a delayed unemployment benefit or supplemental payment, you can also repay RTF in a lump sum once you receive your back-pay by visiting the Repay my Loan page or selecting that option on the loan application.

Can I take more than one loan?

Yes.  The total limit on no-interest loan funds you can apply for is $1,000, but there is no limit on how many loans you can take to reach that limit. We recommend you apply for what you need, and you can apply for more funds later if necessary.  

The no-interest loan program has fewer requirements and is a faster way to access funds than applying for a grant. However, accessing a loan does not prevent you from applying for a need-based grant through RTF’s Financial Hardship program.