Starting the New Year Strong
December 16, 2022
We all know the economy and financial services landscape have seen considerable fluctuations in recent months which can cause some to feel anxious about the future. Our team is passionate about serving your best interests and as a Member-owned cooperative, it’s our responsibility to make sure we are always here when you need us. Your Credit Union continues to grow and maintain a solid financial position. Through 73 years of service to our communities, we have navigated many challenging times and I am proud to say we’ve always kept our doors open and our dedicated team members employed.
Being a cooperative means we’re owned by and operate for the sole benefit of our Members—not for profit, but for service. We do not have publicly traded stock, so unlike many other financial institutions, we are not subject to the direct impact of the volatility of stock prices. Our team closely monitors the economy and environmental issues that impact our Members, and we adjust operations accordingly so we can respond with the products, services, and financial assistance our Members need.
Continued strength and growth led us to opening our new administrative campus and branch in Napa, which will allow us to continue to expand and improve our services, while providing more convenient access to Members and team members in Napa and Solano counties and beyond. This, combined with our existing Cleveland administrative offices and growing branch network has us poised for a bright future in advancing our Members’ financial well-being.
As you begin the new year, consider what you need to be financially successful, and please ask us how we can help. Whether you want to save more, pay off debt, purchase a car or home, or simply learn more about managing money, we’re happy to help with the right solutions for your unique goals. Thank you for choosing RCU as your financial partner. We’re honored to serve you. Happy New Year!
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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