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Give the Gift of Financial Knowledge

September 1, 2020

We’re now well aware of how important it is to be prepared for whatever may come. One of the best ways you can help the young people in your life is to teach them early about the importance of managing money. Whether it’s saving for the future or learning how to monitor an account monthly, it helps get them on the right path.

Young account holders can watch dividends being added quarterly when their balance is $10 or more, and can see what it means to “have your money work for you.” With the account comes free gifts at the account opening, as well as at a savings milestone, a colorful newsletter with fun and informative articles, and access to a youth website offering even more fun activities, videos, games, and stories.

Visit our Youth Savings Account page to open an account and give the gift of financial knowledge.

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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