COVID-19 Relief Grant for Credit Union Employees

COVID-19 Relief Grant for Credit Union Employees

Eligibility:

On March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus COVID-19 pandemic. With this emergency declaration, the Carolinas Credit Union Foundation has activated its Disaster Relief Aid Program to support credit union employees in the Carolinas with COVID-19 Relief Grants.

The intent of the Foundation’s COVID-19 Relief Grants is to help credit union employees pay for essential living expenses such as rent/mortgage for a primary residence, utilities, and food when there is a loss of income in the household or an increase in expenses related to COVID-19. These grants are for individuals who are experiencing significant financial hardship and are designed to supplement stimulus funds, PTO from your credit union and unemployment from a spouse/partner. Even if credit union employees are physically well, we recognize that many in the credit union community of the Carolinas are facing great financial difficulties triggered by business disruptions and job losses in the household.

The COVID-19 Relief Grant Application can be submitted by a credit union employee who is experiencing significant financial hardship due to loss of income in the household or an increase in expenses related to this pandemic and has little to no savings to cover monthly expenses. Credit unions have made this electronic application available to its employees or it may be requested at [email protected]. This application will be treated in a confidential manner by the Carolinas Credit Union Foundation; however, non-identifying statistical information will be reported to the credit union and others on a periodic basis.

Grant Amounts:

Applicants will be asked to include a “requested grant amount”, which will be supported by the detailed Financial Hardship Worksheet in the application. The requested grant amount should be based on expenses an applicant cannot pay. The Financial Hardship Worksheet includes a breakdown of monthly household income currently and prior to COVID-19. Additionally, a breakdown of current monthly expenses is required as well as available savings/liquid assets. The narrative portion of the application offers an applicant a chance to detail the reason for the hardship. COVID-19 Relief Grants will be given to credit union employees on a first-come, first-served basis and will be disbursed in two phases. The maximum for a Phase I COVID-19 Relief Grant is $1,000 and an individual may reapply for a Phase II grant after 60 days from the date the application was signed. If funds are available, a Phase II COVID-19 Relief Grant will be processed with a maximum of $1,000. The total maximum for any one household is $2,000.

Geographic Limitations:

Any employee of a credit union headquartered in North Carolina or South Carolina is eligible to apply.

Grant Fulfillment Procedures:

Grant applications are distributed electronically to credit union employees by the credit union CEO, branch manager or HR representative. The first pages of the PDF application are to be completed electronically by the applicant, and the bottom of the last page must be completed electronically by the credit union CEO, branch manager or HR representative. Fields for electronic signatures are included. Again, the COVID-19 Relief Grant is for a credit union employee who is experiencing significant financial hardship due to loss of income in the household related to COVID-19. The final electronic grant application can be e-mailed to [email protected].

Once received, please allow approximately five business days for application processing and approval. Once approved by the Carolinas Credit Union Foundation, funds will be issued through electronic transfer to the applicant’s checking or savings credit union account. The routing number and account number must be provided on the application.

For IRS purposes, it is extremely important that all lines of the application are completed. Any information left blank will delay the fulfillment process.

Donation Collection:

Contributions to the Carolinas Credit Union Foundation’s Disaster Relief Fund are welcomed and appreciated by those affected by a disaster. Since its establishment, the Carolinas Foundation has provided more than $2 million in aid to the local, national, and international credit union communities. Any donation collected is disbursed dollar-for-dollar to aid in disaster recovery.

2020 Disaster Relief Fund Supporters:

Allegacy FCU – $5,000
Anderson Federal Credit Union – $1,000
Charlotte Metro CU – $5,000
Coastal Credit Union – $50,000
Excess Share Insurance – $1,000
Fort Bragg FCU $10,000
Greenville FCU – $1,000
Palmetto Citizens FCU – $10,000
SC Federal Credit Union $10,000
Sharonview FCU – $35,000
Shuford FCU – $250
State Employees’ Credit Union $250,000

More Questions?

Please click here for the FAQ that is being updated as new questions arise. 

Additional Resources:

For more information from the Carolinas Credit Union League, click here.