A Message to Our Community
June 4, 2020
Redwood Credit Union unequivocally stands for dignity and respect, combating inequity with passionate service, trust, and an unwavering commitment to inclusion and empowerment. People are our priority.
And in this moment, we have a message for our Members, colleagues, family, friends, neighbors, and community members: you matter. We support you and are proud to serve each and every one of you. We feel for the sadness and anxiety you’re enduring. As we too struggle to make sense of the recent tragedies, we are listening. We care and are here for you.
In this spirit of continued solidarity, our staff teams have been engaging in conversation and listening to each other. RCU has zero tolerance for all forms of discrimination. Employees are valued, respected, and justly treated, enabling them to passionately focus on service, diversity, and equity. As a credit union, we were born from the philosophy of “people helping people.”
We are committed to supporting local nonprofits that are actively working to sustainably build inclusive communities and foster positive societal change. Additionally, we are providing stress management and wellness resources through free, educational webinars and webcasts for our Members and communities.
Going forward, let’s remember that each one of us can make a difference, reflected in everyday simple acts of kindness, generosity, and humanity. We have the power to positively impact the lives around us. Thank you for caring for yourself and others.
Be well and safe,
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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