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Our Small Businesses Make a World of Difference

August 28, 2020

You can make a difference too – Show your love for local, today and every day.  

Before the days of social distancing and stay-at-home orders, a perfect weekend might have been grabbing brunch with the girls at your favorite downtown spot after yoga at your local studio. Or maybe you’d stop for coffee at the corner café before popping into local shops to hunt for unique goods. You might have made a dash to the family-owned bakery down the street to pick up a birthday cake.

No matter your lifestyle before this all began, it’s safe to say that some of our favorite places are small, locally owned businesses.

At Redwood Credit Union, we’re very thankful for every small business owner, especially our RCU business Members. Without you, our community wouldn’t be the same. Please know we’re here to help you find resources and offer advice when you need it. While you focus on your family and your business, we’ll keep our focus on providing support.

Now, more than ever, it’s important to back small businesses that keep our local economy alive and our community unique. Even when businesses are closed, there are ways to help out:

  • Keep ordering curbside pickup or delivery from your favorite restaurant, and see if your local florist, bakery, winery, brewery, or boutique offers those services, too.
  • Use the power of social media. Love the tattoo you received from a local artist? Share a picture and tag them. Saved a selfie of a great hair cut or color? Post it and tag your stylist! Tell your followers about your delicious takeout and post a picture along with a menu link.
  • See if any service-based businesses—your gym, therapist, lawyer, or dance studio, for instance—are offering online classes or resources.
  • Purchase gift cards! You know you’ll be needing a haircut, a manicure, or a night out when businesses reopen, so buy a gift card now to use later.
  • Write a review. Sing the praises of your favorite businesses by leaving a glowing review on Yelp, Google, or Facebook.

Small businesses are the heartbeat of our community and they help our local economy thrive. Now, it’s our turn to support them. Let’s help out when and where we can, and we’ll all get through this challenging time together.

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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