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Insurance estimates are provided to the primary applicant’s valid email address through RCU’s affiliate and wholly owned subsidiary, RCU Insurance Services (RCUIS).
Insurance products are not deposits of RCU and are not protected by the NCUA. They are not an obligation of or guaranteed by RCU and may be subject to risk. Any insurance required as a condition of an extension of credit by RCU need not be purchased from RCU and may be purchased from an agent or an insurance company of the Member’s choice. RCUIS is a wholly owned subsidiary of RCU. Business conducted with RCUIS is separate and distinct from any business conducted with RCU. License no. 0D91054. NPN no. 7612227
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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