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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.

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).