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Federal Relief Updates

COVID-19 Assistance

A Message from the President & CEO

As your credit union, we’re here to help. We care about you, your loved ones, and your overall health and wellness. At Redwood Credit Union, it’s our privilege to serve you in both good times and bad. We’re committed to helping you navigate these unprecedented times by providing the access, guidance, and resources you need to manage your money—especially if you are facing financial challenges as a result of the coronavirus outbreak. During this ever-changing situation, we are continually updating our website and social media channels with the most current and trustworthy information to assist our Members, so please stay connected and informed. Thank you for your trust in us. As we have with past disasters, we’re going to get through this. In the meantime, rest assured that we are here for you and our communities. Best regards, Brett Martinez

  • How to transfer funds from your EIP card to your RCU account.

    The IRS is providing the third round of stimulus payments by either direct deposit to your account, with a Visa debit card, or by paper check. If the IRS had your bank information on file, you may have already received a direct deposit. If they don’t have the information on file, they’re mailing the economic impact payment (EIP) to you on a Visa debit card or a paper check. To find out about the status of your payment, visit https://www.irs.gov/coronavirus/get-my-payment.

    How will I recognize my EIP Card?

    Your EIP Card will arrive in a white envelope that prominently displays the U.S. Treasury seal and includes “Economic Impact Payment Card” in the return address. The envelope also says “Important information about your Economic Impact Payment.” The Visa® name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the Card is your EIP Card. Here is a sample of what the card will look like:

    example of Visa EIP Debit Card

    How to Activate Your EIP Card

    You can activate your card by calling 1 (800) 240-8100. During activation, you will be asked to input your card number, the last 6-digits of your social security number, and the 3-digit security code from the back of the card. You may be asked to further validate your identity by providing your name and address or by answering identity verification questions. You will also be asked to create a 4-digit PIN required for ATM transactions and automated assistance and to hear your balance. For cards with more than one name, only the primary cardholder (listed first on the card) may activate the card.

    How to Set up a User ID and Password for Online Access

    Go to EIPCard.com and click Register. Follow the steps to create your user ID and password. Be sure to have your EIP card handy. If you have previously used the Money Network Mobile App, you can use the User ID and password you already established. For cards with more than one name, use the primary cardholder information (listed first on the card) for online or mobile app registration.

    How to Use the EIP Card with No Fee

    There are many ways to use the card without incurring a fee. You can:

    • Transfer funds to a personal bank account. (Learn how below.)
    • Make signature or PIN-debit purchases anywhere Visa debit cards are accepted—in stores, online or over the phone.
    • Get cash back with a PIN debit purchase, where available.

    How to Transfer Funds from the EIP Card to Your Account

    There are multiple ways to transfer funds from the EIP card to an existing bank account at no cost. You will need the routing and account number to complete the transfer. Be sure you have activated your EIP card before attempting to transfer funds (activation instructions are on a sticker on the front of the card, or in the instructions accompanying the card).

    Transfer funds online at EIPCard.com:

    1. Register for online access by going to EIPCard.com and click Login and Register Now. Follow the steps to create your user ID and password. Be sure to have your EIP card handy.
    2. Select “Transfers in U.S.” from the Money Out section.
    3. Follow the steps to set up your destination bank account prior to completing your ACH transfer.
    4. Transfers should post to your bank account in 2-3 business days.

    Transfer funds using the Money Network Mobile App:

    1. Be sure you have activated your EIP card before attempting to transfer funds.
    2. Download the Money Network Mobile App and register for mobile access by clicking “New User?” and then follow the steps to create your user ID and password. Be sure to have your EIP card handy.
    3. Click the top left menu and then click “Send Money to an External Bank Account” under Move Money Out.
    4. Follow the steps to set up your destination bank account prior to completing your ACH transfer.
    5. Transfers should post to your bank account in 2-3 business days.

    Transfer funds by calling 1 (800) 240-8100:

    1. Be sure you have activated your EIP card before attempting to transfer funds.
    2. Call 1 (800) 240-8100 and follow the prompts to authenticate with the interactive voice response unit (IVRU).
    3. Once authenticated by the IVRU, follow the prompts to set up your destination bank account prior to completing your ACH transfer.
    4. Transfers should post to your bank account in 2-3 business days.

    ACH transfer to domestic bank limits apply: $6,000 per transaction | $6,000 per month.

    How can I transfer money from my EIP card to my RCU personal account without a fee?

    If you wish to transfer your impact payment funds from your EIP card to your RCU account, here’s how.

    • After you have activated your EIP card, log in to your account at EIPCard.com to initiate a transfer.
    • You will need to provide RCU’s routing number and your RCU account number. Here’s where to find this information.
    • Follow the prompts to initiate the transfer.

    Can You Use Your EIP Card to Withdraw Cash at an ATM?

    Yes, you can. Use the EIP ATM locator to find an ATM near you. The card issuer allows the first transaction for free. Any transaction after that may incur a fee.

    To get cash:

    1. Enter your 4-digit PIN (see PIN FAQ for setting up a PIN).
    2. Select “Withdrawal” from “Checking.”

    How Much Cash Can You Withdraw at a Time from an ATM?

    Cardholders can withdraw up to $1,000 per transaction and per day. If you would like to get more than $1,000 from your card, they recommend you transfer funds directly to your account.

    How can I use my EIP debit card?

    You can use your card to make purchases anywhere the Visa cards are accepted: shop in store, online, or pay bills.

    You may also visit a branch to withdraw funds; however, MetaBank may charge additional fees for cash advances. Please consult their fee schedule https://www.eipcard.com/fee-schedule. For safety and social distancing reasons, we recommend using electronic channels to do your banking. Our Member Service phone representatives are unable to perform cash advances over the phone. RCU won’t know your account balance so you’ll need to use the EIP card’s online tools or phone system to find out the balance. Visit EIPcard.com for details.

    Additional detailed information is available at the official EIP card website at EIPcard.com, from the Consumer Financial Protection Bureau, and from the IRS.

  • As of Thursday, Aug. 5

    SBA’s Paycheck Protection Program (PPP)

    SBA PPP FUNDS CLOSED, as of 05/04/21

    The SBA has confirmed that the PPP general fund is now closed to new applications. As a result, RCU is no longer accepting new applications. We will update this website as new information becomes available, so please check back often.

    If you have questions or would like to inquire on the status of your previously submitted PPP application, please email RCU Business Services at PaycheckProtection@redwoodcu.org or call 1 (800) 479-7928, and a member of our PPP team will get back to you.

    The COVID Relief Bill signed into law December 2020 provides an additional $284.5 billion in funding for the Paycheck Protection Program (PPP). The PPP Extension Act of 2021, passed by Congress, were available until funds ran out in early May.

    Ready for forgiveness on your 2020 PPP loan? Start your forgiveness process on any RCU funded PPP loan in 2020. RCU is now accepting PPP forgiveness applications. As a reminder, you have a 10-month window to submit your forgiveness application, so there is no need to rush. We want to ensure the process is smooth and simple. For the most current information to help guide you through your forgiveness application process, please visit RCU’s PPP Forgiveness Center at the link below:

    PPP Loan Forgiveness Center

    Forgiveness for any PPP loan funded in 2021 is scheduled to open in mid to late summer. As soon as PPP loans funded in 2021 are eligible for forgiveness by the SBA, RCU will notify and invite borrowers accordingly.

    We’ll continue to provide email communication and update our website as we receive pertinent information and updates.

    Recently the President signed a new bill into law that gives businesses more time and flexibility to spend their PPP funds, while still maintaining their eligibility for forgiveness. Here are some of the highlights of Paycheck Protection Program Flexibility Act of 2020:

    • Increased the timeline for using your PPP funds from 8 weeks to 24 weeks
    • Extended the timeline to restore your payroll and rehire employees and/or bring wages back to 75% of pre-Covid levels from June 30 to December 31
    • Provides more flexibility with how you can spend your PPP loan funds by allowing you to use up to 40% (originally only 25%) for eligible non-payroll expenses (business rent, utilities, mortgage interest) and still be eligible for forgiveness
    • Extends the period from 6 months to 10 months after the PPP loan was funded for businesses to submit their forgiveness application (payments on any unforgiven loan amount would begin after 10 months)

    If you have any questions, please email RCU Business Services at PaycheckProtection@redwoodcu.org or call 1 (800) 479-7928, and a member of our PPP team will get back to you.

    The SBA’s Restaurant Revitalization Fund

    This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.

    The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business, and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible expenses no later than March 11, 2023.

    Applications will open on Monday, May 3, 2021, at noon ET at SBA.gov > Restaurant Revitalization Fund web page. Funding for this program is directly through the SBA and not a lender.

    Important note: Any Paycheck Protection Program (PPP) loan amounts received by the applicants will be deducted from the RRF at the time of funding. Any applicants with PPP applications currently pending that plan to apply for the RRF must complete funding of the PPP loan prior to applying.

    Who can apply

    Eligible entities who have experienced pandemic-related revenue loss include:

    • Restaurants
    • Food stands, food trucks, food carts
    • Caterers
    • Bars, saloons, lounges, taverns
    • Snack and nonalcoholic beverage bars
    • Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
    • Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
    • Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
    • Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
    • Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
    • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

    Please stay connected and informed as we are continually updating our website and social media channels with additional information related to the COVID-19 crisis.

    For more information on financial assistance, please visit our COVID-19 Assistance page.

  • How to navigate getting unemployment

    • The Employment Development Department (EDD) has a variety of support services available to those who have lost their jobs, had their hours reduced, or had their businesses affected due to the pandemic. Please refer to their COVID-19 resource page for the most up-to-date information regarding unemployment assistance.
    • How can someone apply:
      • The amount of your benefit is calculated by the California Employment Development Department (EDD) based on your previous earnings.
      • The EDD will first calculate your earnings during a 12-month “base period” – the first four of the last five completed calendar quarters prior to the date of your claim for benefits. If your earnings are insufficient during that 12-month period, the EDD will then compute your earnings during the last four completed calendar quarters prior to the date of your claim. Using one of these base period calculations, the EDD will determine your weekly benefit by dividing your earnings for the highest paid quarter during the applicable base period by 26. This will result in a benefit up to the maximum of $450 per week.
      • Available jobs: Onward CA is a one-stop resource for the people of California impacted by job loss during the coronavirus outbreak. There are over 70,000 job postings available for viewing.

    Transferring EDD Funds to Your RCU Account

    Learn how to set up one-time or recurring transfers from your California EDD debit account to your RCU account here, and find additional helpful information on how to access your EDD funds here.

  • For more information on support for RCU Members, visit our Coronavirus resource page.