The Credit Union Advantage
June 7, 2024
As an Redwood Credit Union Member, you can be confident that your credit union continues to maintain financial strength and stability due to our strong business model. RCU is a not-for-profit financial cooperative owned by you, our Members, and operating solely to serve the best interests of our Members and communities.
Unlike other financial institutions that have experienced large decreases in their earnings, we’re not subject to pressures from investors or stockholders to grow large profits or to concentrate on any one industry or segment. Instead, we’re able to make long-term decisions based on supporting the well-being of our Members instead of decisions being driven by short-term market fluctuations.
We focus on helping people save money, and returning our earnings to our Members by offering greater value on savings, loans, and other financial services. This has a positive impact on the lives of our Members and communities and allows us to continue to grow in a sustainable way, and help even more people.
In today’s challenging economy, it’s more important than ever to do business with people and companies you trust. With our mission of serving the best interests of our Members and communities, RCU offers a better deal every day of the week—and we really shine in tough times, because we are committed to working with our Members to help find personalized solutions that meet their unique individual needs.
For all these reasons, we’re here to listen and to help you anytime—whether you’re concerned about your finances, navigating life changes, or looking to save for the future. Our goal is to help you find solutions that will give you peace of mind. Let us know how we can help!
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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