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Merchant Services
*The CityPOS® is a registered trademark of LR2 Group, Inc. and RCU’s third-party vendor for merchant services. **Offer valid until 07/31/2022 through The CityPOS and is available for qualified RCU Members who are new merchants of The CityPOS. To be eligible for the offer, merchants must activate their account within 30 days from the approval date and must have $100,000 minimum annual processing volume. Eligible merchants may select either the Clover Mini point-of-sale system or a $500 account credit. If the merchant chooses the account credit, the credit will be provided to the merchant from The CityPOS in the form of an ACH credit and will be applied to your merchant deposit account within 60 days of eligibility. Only one account credit or Clover point-of-sale unit is available per business tax identification number. The CityPOS may assess additional fees depending on the merchant’s apps, services, or activations and The CityPOS reserves the right to change any of their rates and fees. Certain terms and conditions may apply. Offer is not valid with any other offer and promotion is subject to change. Clover® is a registered trademark of Clover Network, Inc. in the United States and other countries.
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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