Business Services
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Small business financial strategies to build resilience and thrive
In today's unpredictable economic landscape, small businesses face unique challenges that require robust financial strategies to ensure stability and growth.
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Business insurance essentials and assessing your coverage needs
Business insurance is a critical component of any successful enterprise, providing protection against a variety of risks that could otherwise jeopardize your operations.
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How to use RCU Digital Banking for Tax Documents
As tax season approaches, business owners often find themselves scrambling to gather the necessary documents. Fortunately, digital banking has revolutionized the way we manage our finances.
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What is an IOLTA and how does it work?
Managing client funds is a critical responsibility for law firms, and at Redwood Credit Union, we offer IOLTAs (Interest on Lawyers' Trust Accounts) to help law firms securely hold these funds while complying with legal requirements.
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What Small Business Owners Need to Know About BOI Reporting in 2024
This new regulation aims to prevent illegal activities like money laundering by increasing transparency about who controls companies.
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Maximize Tax Savings with Section 179: Now’s the Time to Buy Vehicles & Equipment
As the year winds down, many business owners are looking for smart ways to reduce their taxes while investing in their operations. One of the best strategies?...
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What is a Business Sweep?
Here are 3 reasons every small business should set up business sweeps...
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How RCU’s Merchant Services Can Save You Money
Here's why opting for merchant services through RCU can often be less expensive than going through a bank...
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Selecting the Ideal Business Credit Card
There are countless options available, each with their own set of rewards, fees, and features.
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Tips to Thrive During Small Business Month
Let’s explore how you can maximize this month to boost your business.
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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