We’re Here to Help
March 13, 2024
As your trusted credit union, we are committed to maintaining a strong financial position for our Members. Recently, RCU was honored to be included in Newsweek magazine’s list of “America’s Top Credit Unions,” based on financial health, operational performance, and Member evaluations. RCU is a not-for-profit financial cooperative, owned by our Members and operating solely to serve the best interests of our Members and communities. We maintain strong equity, cash reserves, and liquidity, to ensure long-term stability.
With continuing changes in the economy, we understand some Members may be experiencing financial challenges—maybe for the first time ever. We’re here to help. We work with our Members every day to understand their financial issues and help find solutions—and the sooner you reach out to us, the more options we have available to you. Your financial well-being is important to us, and we want you to have peace of mind.
In addition to financial assistance, we have a wide variety of helpful information, education, and resources including online educational tools, learning modules, e-books, and podcasts. We also cover the costs for our Members to have free access to certified financial counselors through our partners at BALANCE.
We are driven by our strong sense of purpose: to inspire hope and elevate the financial well-being of our communities, one person at a time, through good times and bad. Whether you need assistance with financial challenges, or are just looking at making the most of your financial future, let us know—we’re here for you.
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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