International Credit Union Day
October 1, 2020
Thursday, October 15 is International Credit Union (ICU) Day, and this year’s timely theme is “Inspiring Hope for a Global Community.” Despite recent challenges, credit unions have remained true to their cooperative principles and stepped up in a big way to help their communities. At RCU, we offered these and more:
- Payment deferrals, personal and business loan assistance, and fee waivers.
- Weathering a Financial Storm eBook (tips for safeguarding your money)
- $800,000 in grants to nonprofits to support coronavirus relief efforts
This year’s ICU Day theme reflects how credit unions contribute hope for the future by empowering people through financial services, education, and support.
In honor of ICU Day, when you use your RCU Visa® debit or credit cards on October 15, RCU will donate 25 cents* to local food banks in Sonoma, Napa, Marin, Mendocino, and San Francisco counties.
* Promotion subject to change. RCU will donate $0.25 to local food banks in Sonoma, Napa, Marin, Lake, Mendocino, and San Francisco counties for each card transaction performed by RCU Members. Program details are effective 10/15/2020. Purchases with an RCU card are not tax deductible. Visa debit and credit card purchases only. ATM withdrawals and transfers are excluded.
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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