2020: Celebrating 70 Years of Service
December 9, 2019
I’m excited to share that this year marks RCU’s 70th anniversary. Thanks to you and all our valued Members, we’ve been honored to provide affordable financial services and support to our communities for the past seven decades.
On January 19, 1950, seven employees of the County of Sonoma created our credit union as a safe means for county employees to pool their money and provide bridge loans to each other between paychecks. This spirit of “people helping people” is exactly what credit unions are all about. And although we’ve grown and added many services and locations over the past 70 years, helping people is always at the heart of everything we do.
Our mission is to serve the best interests of our Members, employees, and communities. We’re consistently here to help our Members with their individual financial needs, to help local businesses grow and thrive, and to support local nonprofits and events that make our communities such great places to live and work.2020 marks the start of a new year and a new decade, which means it’s a great time to consider your goals for the future and create a plan to reach them. We’re here to help. Whatever your financial dreams, everyone can benefit from reducing expenses and improving cash flow. As your trusted financial partner, we can help you save money, and make the money you have work harder for you. Just ask. You may be surprised at all the solutions we have to offer.
Thank you for trusting RCU with your banking and financial needs. Your ongoing participation supports our strength and growth so we can continue to add and improve services designed to give you peace of mind and enjoy a life you love.
Happy New Year!
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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