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Loan Allows Scranton to Make Payroll

Posted on: 4:19 pm, August 31, 2012, by

scr finances 8-31

SCRANTON — A $6 million loan that the city of Scranton closed on Thursday with a bank from New York allowed the financially-distressed city to make payroll on Friday.

The loan also covered the back wages that were withheld in July when the mayor cut salaries to minimum wage.

The loan also gives Scranton more time to secure another loan needed to pay bills through the rest of this year.

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