Every minute, our phones are overwhelmed with updates and email inboxes are being flooded with information about novel Coronavirus (COVID-19), but what information is the most important to help you in your situation? How do I plan for the unexpected? At On Tap Credit Union, we want you to know that we have been crafting solutions for over 65 years and will continue to be here for our Members in the good times and hardships. Over the course of the next few weeks, we will be navigating the barrage of information and with provide you with trustworthy resources in the financial industry. One important thing to note is that our credit union has safeguards in place to protect your accounts. A good source for more information on these laws is the National Credit Union Administration (NCUA).
Financial Health Concerns –
How are you managing your money? Check out our Tips On Tap page for an in-depth look navigating your employment situation. Whether working from home or suffering the loss of reduced hours, this piece examines how to modify your daily habits and provides resources to help simplify your finances. If you are facing or anticipating financial hardship the first steps you should take include:
- Do not be embarrassed or afraid to ask for financial help, everyone is in the same situation. Talk to your financial institution or lender, many are offering payment defferments or low-interest loan solutions. Even if you do not need it today, get the information so you can be prepared and know your options.
- Create a budget and look to where you can minimize expenditures, you can find budget tools here.
- Understand how the government stimulus package can help you with this.
Please also remember, should your family be impacted and need financial support, members of our team are ready to provide you with financial guidance and/or discuss arrangements.
We can tell you that often during a financial crisis, inaccurate information or even scams are posted leading many people to make misinformed decisions. With fraudulent activity increasing during hardships, we want to help provide a few resources to prevent this from happening to you.
Business Owners -
Under the direction of Colorado Gov. Jared Polis, we recommend all business owners stay up-to-date on the best resources to help support you and your employees. Please visit the Colorado COVID-19 Business Resource Center for programs and announcements relevant to your needs.
Steps you can take today as a business owner:
- Contact your financial institution to understand your options should you need them. Ask about payment modifications.
- Plan your budget for the worst-case scenario, understand what you need to do to keep the doors open.
- Talk to all vendors including landlords and see if they are willing to make concessions.
- See if you qualify for an SBA loan by applying here.
- Lastly, make sure you have plans in place to start back up, since business may not magically reappear.
Avoiding Scams –
- As advisers, we’d like to remind you to be diligent and mindful before sharing information. One thing to remember is that we will NEVER ask you for sensitive personal information such as social security number or PIN through text, phone, or email.
- Visit our website for more on best practices for fraud protection.
- The FTC has published the following article to protect against scammers: https://www.consumer.ftc.gov/blog/2020/02/coronavirus-scammers-follow-headlines?utm_source=govdelivery
In compliance with national and local organizations, we are practicing social distancing but our teams are prepared to support and answer your questions. Don’t hesitate to call 303.279.6414 or use our contact form and stay tuned to our blog for more updates.