Talk to Us
September 1, 2020
There’s no doubt that 2020 has taken a toll on all of us in some way or another. From the start of the pandemic to the recent fires in our communities, it’s been a challenging year so far. Just remember, through it all, we are here to help. Talk to us.
As your Credit Union, we understand many members are experiencing financial difficulties and stress due to job loss or income reduction, unexpected medical expenses, evacuation, or fire loss. It’s not easy to ask for help. We understand that. Many people are scared or embarrassed to ask for help – especially when it comes to money. But at RCU, helping our members is our purpose. it’s why we exist. If you’re facing financial hardship but haven’t reached out to us yet, please do. We work with our members every day to understand their financial issues and help find solutions. Your financial well-being is important to us, and we want to help you get there.
In addition to financial assistance, helpful information, education, and resources are always available to you. We have a wide variety of online educational tools, including learning modules, e-books, and podcasts. We provide members with free access to certified financial counselors through our partners at BALANCE. And we recently produced two free wellness webcasts, available on our YouTube channel, to help you with self-care and stress management, and finding financial resilience in difficult times. Please take advantage of these free tools and resources, all created with your wellness in mind.
I also encourage you to stay in touch with us. Make sure your account information is current, including your phone number and email address. Read our newsletters, and follow us on social media for the latest news and updates. And if you have questions, please don’t hesitate to call or email us. We’re your financial partner, here to help you in good times and bad.
One final note: October 15 is International Credit Union Day, which is a day that credit unions around the world celebrate the benefits credit unions provide their members and communities, through affordable banking, free financial education, and serving the underserved. This year’s theme is “Inspiring Hope for a Global Community,” and it truly captures our desire to give financial hope to all our members by helping you achieve your goals and dreams. Thank you for your continued membership and trust in Redwood Credit Union. Be healthy, stay safe, and remember that we’re here for you.
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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