Finding Financial Wellness
March 28, 2022
What does financial wellness mean to you? At RCU, it means more than just what you do with your money, but more importantly, how you feel about your financial life.
As the economy is impacted by world events, the lingering pandemic, and inflation, many people—of all income levels—are finding it harder to make ends meet. According to a recent U.S. Financial Health Pulse Report, more than two-thirds of Americans aren’t financially healthy. That’s 167 million people and 40 percent of them earn six figure salaries. Clearly, income does not equate to financial health. We believe everyone, from all demographics, deserves to achieve financial well-being, and we’re here to help.
Financial wellness empowers you to make the best financial decisions for yourself and those who depend on you. It gives you control over your everyday spending and monthly bills without constant worry. It means having the capacity to manage the things you need and want to do as well as cover unexpected expense. It also keeps you on track to achieve your financial goals for tomorrow and the future. Sound too good to be true? It doesn’t have to be.
Credit unions are uniquely positioned to help with your financial well-being. As cooperatives, our focus isn’t to generate profit, but to leverage our core business in ways that help our Members live their best financial lives. When our Members do well, we do well. Our knowledgeable team members love to help you find ways to make the most of your money—all you have to do is ask.
We also offer numerous financial education resources on our website to help you with the financial matters most important to you, as well as RCU-paid credit counseling at no cost to our Members through our partners at BALANCE. Additionally, we regularly share helpful money tips in our newsletter, blog, and our social media channels. I encourage you to take advantage of all we have to offer on your financial wellness journey, and rest assured, we’re always here for you.
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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