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Phased Reopening Plan

Utilizing a phased approach, we will begin welcoming members back into our lobbies. With all the necessary controls in place to protect our team, members and the community, we are confident and ready to enter Phase One (admitting members by appointment only), effective immediately. Along with that exciting news, we have recently announced our expansion plans. >> Read More Here

Resources

We're Here.

Ripco Family Strong

You're not alone.

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. 

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Relief Request Submission Form

Payroll Protection Program (PPP)

PPP Loan Forgiveness Application

The CARES Act - US Dept of the Treasury

Member Relief Programs

Emergency Relief Loans

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. 

  • Loans up to $2500
  • Available for all credit tiers
  • Low 3.99% APR
  • No Payments for 90 days
  • Terms up to 36 months
  • No application fee or pre-payment penalty

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. 

Consumer and Mortgage Loan Payment Deferral Program

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:

  • You've missed mortgage payments.
  • You're dealing with a temporary financial hardship because of COVID-19.
  • You don't qualify for refinancing or you don't want to refinance.

Understand your options. For assistance or questions, contact our Lending Team at 715-365-4800. 

Various Fee Suspensions

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. 

COVID-19 Resource Guide

Our trusted partners from GreenPath have compliled a list of vetted resource information to help members navigate this difficult time. Resource Guide (PDF)

Economic Impact Payments

For those of you looking for information regarding your Economic Impact Payments, we have compiled information to answer all of your questions. Click Here.

 

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Please Note: Never send your account numbers or personal identification information such as your social security number or PIN through email or contact forms.

Payroll Protection Program

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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. 

  • Copy of most recent year of Business Tax Return for applicant entity (Corporate return, Partnership return or Schedule C of Individual 1040, a copy of the 2019 940 Payroll Tax Form if applicable along with all four 2019 quarterly form 941 Payroll Tax Returns.
  • Payroll records indicating Employer paid health benefits, including insurance premiums.
  • Payroll records indicating any company paid retirement contributions.
  • Tax records documenting employer paid State or Local Taxes (i.e.SUTA)

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. 

Applying for PPP 

Follow these three easy steps to apply.

The number one in a green circle followed by the words PPP Application indicating the first step in the application process.

Calculate, fill out and sign:

The number two in a green circle with Supporting Documents written next to it indicating the 2nd step in the application process

Collect documents verifying: 

  • The business or non-profit was operating on February 15, 2020
  • The number of employees 

Documentation Examples:  Payroll records, W3s, IRS 940s or 941s, and Tax Returns

The number 3 in a green circle followed by the text Your Application indicating the third step in the process.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.  

Your Questions Answered

Who can apply?

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. 

How is the loan amount determined?

  • The maximum loan size can be up to 2.5 times the “Average Monthly Payroll” of the applicant.
  • When calculating “Average Monthly Payroll,” applicants will use the average monthly payroll for 2019, excluding salaries over $100,000 on an annualized basis.

What are the allowable uses?

  • Payroll costs, healthcare benefits (including paid sick or medical leave, and insurance premiums)
  • Interest on any mortgage
  • Interest on other debt obligations incurred before February 15, 2020
  • Rent obligations and utility payments

What payroll costs are eligible when determining loan amount?

  • Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent).
  • Payment for vacation, parental, family, medical, or sick leave.
  • Allowance for dismissal or separation.
  • Payment required for the provisions of group health care benefits, including insurance premiums.
  • Payment of any retirement benefit.
  • Payment of State or local tax assessed on the compensation of employees.

Is it true this loan can be forgiven?

Possibly, providing an applicant meets the criteria set by the SBA.  

  • According to the SBA, the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). 
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Applicants are strongly encouraged to review the SBA's rules on forgiveness.  To learn more visit the SBA PPP website.

What does our lending team need to process your application? 

  • The completed PPP Borrower Application.
  • The completed Additional Information Worksheet.
  • Documentation to verify the “Average Monthly Payroll” calculation. That is, payroll records, company Profit and Loss Statement, and tax forms (for example 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.  Instructional Video located above. 

Is an (EIDL Loan) Economic Injury Disaster Loan the same thing as the (PPP) Payroll Protection Program?

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 Loan Forgiveness

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.

PPP Loan Forgiveness Application

Visit the US Department of the Treasury for additional information, or the latest version of the PPP Loan Forgiveness Application. 

The guide below, provided by the US Chamber of Commerce, is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.

PPP Loan Forgiveness Guide

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. 

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