Making the Season Bright
September 8, 2021
- Smart Holiday Spending – The holidays are just around the corner, and along with the joy and excitement of the season come the added expenses. The good news is, your RCU credit and debit rewards points are redeemable for travel, merchandise,
gift cards, and more—ideal for holiday gift giving which can help you enjoy significant savings. Learn more and get a card that fits you at redwoodcu.org/visa.
- Set a Budget – Consider who will need gifts and how much you’d like to spend per person. With this plan in mind, you might consider opening a savings account entirely dedicated to your holiday budget to help you stay on track
and avoid dipping into any other savings. Don’t have a savings account? Visit redwoodcu.org/savings
to get started.
- Give the Gift of Savings – There’s no better gift than giving a young person a head start on a successful future. When you open an RCU youth savings account, you help the child or teen in your life learn the value of saving. And with
a little luck and effort, it could become a lifelong habit! Learn more about our youth account options at redwoodcu.org/youth.
- Holiday Giving – Join RCU in making the holidays special for those in need. Details about how you can get involved will be posted on our website in November.
You can visit any RCU branch or call us at 1 (800) 479-7928 to speak to one of our representatives about the information above.
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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