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Redwood Credit Union Gives $800,000 to Support Immediate Coronavirus Relief Efforts

March 25, 2020

Santa Rosa, CA – In response to the unprecedented economic, health, and community wellness impacts of the Coronavirus outbreak and related shelter-in-place directives, Redwood Credit Union (RCU) is distributing grants to more than 45 nonprofit organizations across Lake, Marin, Mendocino, Napa, San Francisco, and Sonoma Counties. A list of these grantees is available on RCU’s website at redwoodcu.org/nonprofit-grant-recipients.

The grants will serve the most pressing needs of vulnerable populations in one or more of RCU’s core funding priority areas of:

  • Food and housing security (basic needs)
  • Health and financial wellness
  • Education and workforce development

“We know people are struggling right now because they have lost jobs or had hours reduced, and don’t know how they’ll make ends meet,” said Brett Martinez, president and CEO of Redwood Credit Union. “We hope these grants make a difference in helping our nonprofit partners who are working hard to meet a significant surge of need due to this crisis.”

In addition to the grants, RCU is honoring dozens of sponsorship commitments for fundraising events that have been cancelled due to the need for social distancing. “Nonprofit organizations rely on event proceeds to fund core programs and keep the lights on,” says Matt Martin, senior vice president of community and government relations. “We understand the impact of these cancelled events and want to do our part to make sure these organizations can continue providing vital services to our community.”

RCU is also posting frequently updated information and resources for their members and the community at redwoodcu.org/coronavirus.

 

About Redwood Credit Union

Founded in 1950, Redwood Credit Union is a full-service financial institution providing personal and business banking to consumers and businesses in the North Bay and San Francisco. RCU offers complete financial services including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and SBA lending, and more. Wealth management and investment services are available through CUSO Financial Services L.P., and through RCU Services Group (RCU’s wholly owned subsidiary), insurance and auto-purchasing services are also available. RCU has $5 billion in assets and serves more than 355,000 members with full-service branches from San Francisco to Ukiah. For more information, call 1 (800) 479-7928, visit redwoodcu.org, or follow RCU on Facebook, Instagram, and Twitter for news and updates.

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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