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We are committed to helping you overcome whatever financial challenges you may be facing because of COVID-19. If the Coronavirus has negatively impacted you or your business, we are here for you.
Relief Request Submission Form
Payroll Protection Program (PPP)
PPP Loan Forgiveness Application
PPP Loan Forgiveness Application EZ
The CARES Act - US Dept of the Treasury
For Ripco members who have been financially impacted by the COVID-19 outbreak, we are offering a low rate personal loan to help with your financial concerns. Loan funds can be used for purposes such as paying bills, supplement loss of income and to cover any other critical expenses related to COVID-19.
Interest will continue to accrue on the unpaid balance if you skip/delay payments. Membership eligibility and qualifying credit required. Offer available as of March 20, 2020 and is subject to change or withdrawal without advance notice. This advertised offer is for new money borrowed and does not apply to the refinancing of existing Ripco Credit Union loans.
Representative Payment Example: For a 36-month $2,500 loan at 3.99% APR with a 90-day deferral of the first loan payment, the monthly payment amount would be approximately $74.54.
Put your payments on hold. If you are facing a financial hardship due to COVID-19, contact Ripco Credit Union. We are deferring payments for up to 90 days. Interest will continue to accrue on the unpaid balance if you skip/delay payments.
Mortgage Deferment. Also called forbearance, can help give you time to get back on your feet during short-term financial difficulty.
A deferment allows your lender to defer your monthly mortgage payments for a set time period. Once the deferment period ends, you can pay back the deferment amount by making 1 lump-sum payment or by adding the monthly payments to the end of your mortgage term.
You could qualify for a deferment if:
Understand your options. For assistance or questions, contact our Lending Team at 715-365-4800.
We are suspending various fees, including fees for loan delinquencies, phone transfer fees, minimum balance fees, fees for using other bank's ATMs, and CD early withdrawal fees. For assistance or questions, contact your local branch.
Our trusted partners from GreenPath have compliled a list of vetted resource information to help members navigate this difficult time. Resource Guide (PDF)
For those of you looking for information regarding your Economic Impact Payments, we have compiled information to answer all of your questions. Click Here.
Please Note: Never send your account numbers or personal identification information such as your social security number or PIN through email or contact forms.
YOU WILL NEED TO BE ABLE TO CALCULATE YOUR AVERAGE MONTHLY PAYROLL BEFORE APPLYING.
Collect the following supporting documentation in order to assist in completing the PPP application. NOTE: More specifically to utilize in completing the Average Monthly Payroll field on the PPP application.
Utilize these documents to calculate and support the Average Monthly Payroll input used for determining your eligible loan amount.
Program rules, eligibility, reimbursements, approvals and other program material are NOT determined by Ripco Credit Union and are determined by SBA and/or the Federal Government.
Follow these three easy steps to apply.
Calculate, fill out and sign:
Collect documents verifying:
Documentation Examples: Payroll records, W3s, IRS 940s or 941s, and Tax Returns
Once you have completed and collected all documentation, you will transfer your document file to your Virtual StrongBox using It'sMe247. Watch the short video below for instructions.
Program eligibility requirements are established by the SBA as part of the CARES stimulus package. This program is for any small business with less than 500 employees – including sole proprietorships, independent contractors, and self-employed persons, private non-profit organizations or 501(c)(19), and veterans organizations affected by coronavirus/COVID-19.
Possibly, providing an applicant meets the criteria set by the SBA.
Applicants are strongly encouraged to review the SBA's rules on forgiveness. To learn more visit the SBA PPP website.
Once you have completed and collected all documentation, you will transfer your document file to your Virtual StrongBox using It'sMe247. Instructional Video located above.
No. The EIDL (Economic Injury Disaster Loan) is a loan handled through the SBA, NOT your local lender. You must apply directly through the SBA. You will find additional information at the US Department of the Treasury - CARES Act. The U.S. Chamber of Commerce also provides two informative PDFs regarding Emergency loans (PDF), and the EIDL Loan (PDF).
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department recently released the application form and instructions for loan forgiveness.
Visit the US Department of the Treasury for additional information, or the latest version of the PPP Loan Forgiveness Application.
The instructions below are designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and how to fill out the applications above.
PPP Loan Forgiveness Application Instructions
PPP Loan Forgiveness Application EZ Instructions
Potential Congressional Changes
Congress is currently considering a number of changes to the PPP program, including eliminating the 75% rule and extending the 8-week period to up to 24 weeks. However, enactment of these changes is not guaranteed. Until any changes are enacted into law or until the Treasury Department and SBA change any regulations and guidance, the current rules apply to all borrowers.
Visit the US Department of the Treasury website to check for potential changes and the latest information.