COVID-19 Relief Grant FAQ

These FAQs are being updated periodically as new questions arise. For any additional questions, please email [email protected]

 

How are these grants funded?

The Carolinas Foundation’s Disaster Relief Fund was established to help support credit unions in times of need. Credit unions, business partners and individual donors support the Foundation’s Disaster Relief Fund and it is their generosity that makes these grants possible. Current contributors are listed at the bottom of the page here.

 

How are applicants selected?

The Foundation is awarding grant funds to a credit union employee who is experiencing significant financial hardship due to loss of income in the household or an increase in related to this pandemic and has little to no savings to cover monthly expenses. Applicants will be asked to include a “requested grant amount”, which will be supported by the detailed Financial Hardship Worksheet and the narrative in the application.

 

Can I complete the application on my computer?

To help expedite completion of the application, we have offered this application to your credit union as a fillable PDF and fields for digital/electronic signatures are included. A fillable PDF eliminates the need to print out the application for completion and scan it for submission. These means you can complete this application in its entirety from your computer with your electronic signature and submit it to your credit union for a manager’s electronic signature.

 

Do I need to answer all of the questions in the application?

Yes. The narrative and the Financial Hardship Worksheet are particularly important. Any information left blank will delay the fulfillment process.

 

What are the geographic limitations?

Any employee of a credit union headquartered in North Carolina or South Carolina is eligible to apply. This would include credit union employees who reside outside of the Carolinas.

 

Are employees of the credit union’s wholly owned CUSO eligible to apply?

Yes.

 

Will an applicant receive a response if the grant is either approved or denied?

Yes. Updates will be provided each Monday on the status of grants submitted in the week prior. Funds will then be disbursed via ACH that same day.

 

Will I receive an update when the application process is closed?

The Carolinas Foundation will keep accepting applications as long as funds are available to disburse.

 

Is Phase II only available for those that were approved in Phase I?
Yes, but there is no timeframe on Phase I grants. Phase II grants are for credit union employees who are still in need 60 days following their initial grant request. The Carolinas Foundation will keep accepting applications as long as funds are available to disburse.

 

Is it a requirement for the account on the application to be a credit union account or can the grant funds go to another financial institutions?

A credit union account is not required.

 

What if I have a roommate or a live-in relative who helps pay monthly household expenses?

This would be included under “other” household income on the worksheet. Please describe any changes related to this income in the narrative portion of the application.