{"id":4615,"date":"2014-05-01T15:28:16","date_gmt":"2014-05-01T19:28:16","guid":{"rendered":"http:\/\/gtm.com\/household\/?p=4615"},"modified":"2016-02-24T15:01:08","modified_gmt":"2016-02-24T20:01:08","slug":"nanny-asking-to-borrow-money","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/nanny-asking-to-borrow-money\/","title":{"rendered":"Is Your Nanny Asking to Borrow Money?"},"content":{"rendered":"

\"nannyOccasionally a nanny or other household employee might find themselves in need of cash and may ask you, as their employer, for a loan. For a nanny asking to borrow money, information about borrowing against future wages should be provided to the nanny and included in the employee handbook<\/a>. If you decide that such activity is permissible, then you should detail what needs to occur to necessitate loaning money to your nanny, what process your nanny needs to follow to request an employer loan, and what steps will be taken to obtain payment of the loan. When considering granting a loan, you should take into account the length of time that is considered reasonable for the employee to repay the loan.<\/p>\n

Employers should obtain a signed promissory note from the nanny for any significant amount of money loaned (such as $25 or more). This note should include:<\/p>\n

\u2022 date of loan;<\/p>\n

\u2022 loan amount;<\/p>\n

\u2022 payment method (i.e., loan payments taken directly from paychecks*);<\/p>\n

\u2022 payment schedule; and,<\/p>\n

\u2022 the employee\u2019s and the employer\u2019s signatures.<\/p>\n

* Some states (NY and CT, for example) do not allow this. It is important to research your state laws<\/a> before offering this option.<\/em><\/p>\n

The promissory note should be filed in the nanny\u2019s personnel file, and a photocopy of the note should be provided to the nanny.<\/p>\n

For questions and more information, please contact<\/a> GTM’s Household Employment Experts at (888) 432-7972.<\/p>\n","protected":false},"excerpt":{"rendered":"

Occasionally a nanny or other household employee might find themselves in need of cash and may ask you, as their employer, for a loan. For a nanny asking to borrow money, information about borrowing against future wages should be provided to the nanny and included in the employee handbook. If you decide that such activity […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[85,78],"tags":[31,41,46],"class_list":["post-4615","post","type-post","status-publish","format-standard","hentry","category-household-employer-policies","category-retaining-employees","tag-household-employer","tag-nannies","tag-personnel-practices"],"yoast_head":"\nIs Your Nanny Asking to Borrow Money? - GTM Payroll Services<\/title>\n<meta name=\"description\" content=\"For a nanny asking to borrow money, information should be provided to the nanny and included in the employee handbook.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtm.com\/household\/nanny-asking-to-borrow-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Your Nanny Asking to Borrow Money? 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