As a part of the Governor’s order, credit unions, as financial institutions, are deemed essential. Many credit unions have taken various precautions to limit staff to exposure, and are open, functioning, and practicing proper social distancing practices as well as safe handling of their member’s needs.

As you may be aware, California Credit Unions were and remain supportive of Governor Newsom’s partnership to waive fees and provide mortgage assistance for those impacted by the COVID-19 outbreak. To that, credit unions are beginning to provide us (their trade association) with specifics on the volume of loan forbearances, extensions, and fee waivers. The below chart is just those that have reported data as of 4/1. Many credit unions are yet to respond and this can be updated at your request.

  # of Credit Unions Members aided
Mortgage Loan Forbearance 44 1,537
Consumer Loan Extensions (credit cards or auto loans) 79 65,572
Commercial Loan Forbearances 19 433
Emergency Loans 32 1,959
Fee  Waivers 66 75,792

 

Additionally, some of these credit unions have provided details on programs they are offering their membership. Many of them can be viewed on our central website (for all states) at this link: Americas Credit Unions.

Paycheck Protection Program

Today marks the beginning of the PPP. Credit unions are able to process and provide these small business loans/grants. However, Treasury only released interim-final guidance yesterday afternoon, and some questions still remain. If you or the Member have specific questions about credit union participation, please feel free to contact me. Within a week or two we plan to have numbers to share.

PAYCHECK PROTECTION PROGRAM

  • *San Diego Newspaper Group, CBS News 8 TV, San Diego Metropolitan—California Coast CU (joining forces with City and other companies to expand San Diego’s Small Business Relief Fund)  (April 14)  *not quite PPP related, but still deals with small business funding

SD Newspaper Group: http://sdnews.com/view/full_story/27724681/article-City–major-companies-launch-new-fund-for-small-businesses?instance=sdnews_n_page

CBS 8: https://www.cbs8.com/article/news/local/mayor-faulconer-announces-over-300000-in-private-donations-launch-new-effort-to-help-small-businesses/509-4f6abcae-e206-45b3-930c-1aef5139a44d

San Diego Metropolitan: http://www.sandiegometro.com/2020/04/daily-business-report-april-15-2020/

 

Nevada

  • KTVN TV, This is Reno, Northern Nevada Business Weekly, The Record Courier —Greater Nevada CU’s PPP efforts (April)

KTVN: https://www.ktvn.com/story/42009324/greater-nevada-credit-union-accepting-ppp-loan-applications-from-all-small-businesses

This is RENO: https://thisisreno.com/2020/04/greater-commercial-lending-an-sba-paycheck-protection-program-preferred-lender-sponsored/

Northern Nevada Business Weekly: https://thisisreno.com/2020/04/greater-commercial-lending-an-sba-paycheck-protection-program-preferred-lender-sponsored/

Record Courier: https://www.recordcourier.com/news/local/douglas-urges-business-to-complete-coronavirus-impact-survey/

 

HELPING MEMBERS

 

HELPING THE COMMUNITY

  • Napa Valley Register and Vacaville Reporter—Travis CU—$1 million donation to community organizations for COVID relief (April 8)

https://napavalleyregister.com/business/biz-buzz-travis-credit-union-selects-napa-county-organizations-to-receive-1-million-for-covid/article_56c0b36d-0fc7-5d23-9dc6-acc1fc6af14f.html

https://www.thereporter.com/2020/04/08/coronavirus-travis-credit-union-donating-1-million-to-community-partners-for-coronavirus-relief/

 KMUD News—Vocality CU—consumer use of stimulus checks (April 17) https://soundcloud.com/kmudnews/irs-relief-fund-info-financial-advice

1 Comment

  1. A WordPress Commenter on November 14, 2019 at 9:36 pm

    Hi, this is a comment.
    To get started with moderating, editing, and deleting comments, please visit the Comments screen in the dashboard.
    Commenter avatars come from Gravatar.

Leave a Comment