Financial Wellness
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Debt Ceiling FAQ
What is the debt ceiling, and why does it matter? The debt ceiling is a...
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International Credit Union Day, Building Financial Health
Join us in celebrating International Credit Union (ICU) Day on Thursday, October 21st, a time...
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Resolve to be Financially Healthy in 2020
It’s almost here: a new year to begin afresh with your financial resolutions! Get a...
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How to Cut Costs and Reduce Debt
If these past months have taught us anything, it’s that we should prepare for the...
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Questions about Auto Loans? We Can Steer You in the Right Direction.
Cars come in many makes, models and colors, and options for auto loans are plentiful. If...
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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