Helping You is Our Focus
March 20, 2020
As your credit union, we’re here to help. We care about the health and wellness of our Members and employees, and our primary focus is to ensure you have access to your funds and to any financial assistance you need. We’re taking every precaution to serve you in the safest manner possible, including hand sanitizer stations, microbial soaps, and increased cleaning efforts at all locations.
We’re committed to helping you navigate any financial impact you may be experiencing as a result of the coronavirus outbreak. In uncertain times like these, it’s our responsibility as your financial cooperative to provide you the tools and resources you need to manage your money—especially if you are facing challenges. Our website offers a lot of helpful information, and we encourage you to contact us directly if you have concerns about your accounts or loans.
With recent directives to shelter in place, we want to make sure you always have access to your accounts. Our free online and mobile banking services allow you to do virtually all your banking from home. More than 85% of transactions performed by our Members are done electronically, so you’re in good company. And if you aren’t yet using these tools, please refer to the other articles in this newsletter for resources to help you learn how. During this ever-changing situation, we are continually updating our website and social media channels with the most current information to assist our Members, so please stay connected with us.
Thank you for your trust in Redwood Credit Union. We are here for you.
Best regards,
Brett Martinez
President & CEO
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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