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Scranton secures a loan to cover its payroll
SCRANTON - This struggling city has secured a $6.25 million loan to cover its current payroll and some back wages. Scranton officials closed Thursday on the loan from Amalgamated Bank.
SCRANTON - This struggling city has secured a $6.25 million loan to cover its current payroll and some back wages. Scranton officials closed Thursday on the loan from Amalgamated Bank.
The money will cover Friday's $1.1 million payroll, City Solicitor Paul Kelly told the Scranton Times-Tribune. Kelly said it would also allow payment of $750,000 in back wages.
In June, the mayor temporarily slashed the pay of about 400 city workers to minimum wage, saying the city was nearly broke.
- AP