DCCU cares about the health and financial wellness of our members. We’ve compiled a list of financial assistance options for members who may be impacted by the COVID-19 pandemic. Each of these programs and services has its own forms and disclosures. Read all disclosures carefully before signing any forms. If you have any questions or need additional assistance please do not hesitate to contact us at 800.245.8085.
Member Financial Assistance
Interest Only Loan Payment
An Interest Only Loan Payment* is for members who wish to temporarily reduce their monthly payment by only paying the interest amount. Members may request an Interest Only Loan Payment for up to 90 days during a time of temporary financial hardship. Each Interest Payment advances the next regular due date one month by paying an amount equal to one month interest on the principal balance. To request an Interest Only Loan Payment for one of the loans listed below, click Financial Assistance in Online Banking or the Mobile App, or contact the Service Center at 800.245.8085.
- Auto Loans
- Personal Loans
- Mortgage Loans
- Home Equity
Loan Payment Deferral - Interest Continues to Accrue
A payment deferral is designed to provide relief to members who have the capacity to resume making their monthly payments. Members may request a Loan Payment Deferral for up to 90 days during a time of temporary financial hardship. To request a Loan Payment Deferral for one of the loans listed below, click Financial Assistance in Online Banking or the Mobile App, or contact the Service Center at 800.245.8085. Please note: Finance Charges will continue to accrue at the normal rate.
- Auto Loans
- Personal Loans
- Credit Cards
- Mortgage Loans
- Home Equity
Small Business Assistance
The Federal Government passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help support businesses and families impacted by COVID-19. The CARES Act expanded the SBA Section 7(a) loan program, also referred to as the Paycheck Protection Program (PPP), which aims to support small businesses. We are encouraging our small business borrowers affected by COVID-19 to apply for a loan with DCCU under this new program.
Visit the U.S. Department of the Treasury website for details regarding assistance for small businesses that can benefit from the Paycheck Protection Program.
Topics Include:
- Program overview
- Borrower information
- Borrower Application Form
PPP Loan Forgiveness
The Small Business Administration (SBA) recently revised their loan forgiveness guidelines and the loan forgiveness application. Borrowers may now extend the amount of time in which to spend their PPP loan funds and to apply for forgiveness.
Visit the SBA’s PPP website for more detailed information on forms, requirements, conditions and deadlines: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
DCCU will begin accepting applications for loan forgiveness on August 10, 2020. The earliest you may apply for loan forgiveness is at the end of the covered period (8-weeks or 24-weeks, depending on when you received your loan), and up to 10-months after the covered period ends.
DCCU will post updates here as released by the SBA. When planning your forgiveness application timeline, keep in mind that DCCU has up to 60 days to process your request and the SBA has up to 90 days to approve DCCU’s recommendation.
Pending legislation may bring additional changes to the loan forgiveness process. Please consult your tax advisor, legal counsel or a bookkeeping service to assist your business if necessary.
Additional SBA Resources
In addition to traditional Small Business Administration (SBA) funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. To learn more about what the SBA has available visit their Coronavirus Relief Options webpage.
State Program for Rent and Mortgage Relief
Gov. Ralph Northam announced the launch of a $50 million state program to provide relief for people facing eviction or foreclosure due to the pandemic. Federal funding from the CARES Act is being directed to the Virginia Rent and Mortgage Relief Program (RMRP). The goal of the program is to provide short-term financial assistance in the form of rent and mortgage payments. The Virginia Department of Housing and Community Development (DHCD) will administer the program through nonprofit organizations and local governments to distribute funding to eligible households. Visit the RMRP website for more information and to apply.
RMRP has been expanded to include financial assistance for landlords. Landlords can now apply to receive financial assistance for current and past-due rental payments dating back to April 1 on behalf of their tenants who qualify for RMRP. The program provides financial assistance through a one-time payment with the opportunity for renewal based on availability of funding, the household’s need for additional assistance, and continued eligibility. Click here to learn more.
Other Options & Resources
In addition to the options above, here are a few more alternatives to consider when managing your finances during this time.
- Student Loan assistance:
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To learn more about deferral options visit the Sallie Mae website.
- If you have a student loan through StudentChoice click here for more information.
- Complete a credit card balance transfer or apply for a credit card limit increase
- Consider a debt consolidation loan with our Personal Loan
- Consider refinancing your higher rate auto loans from other lenders to possibly lower your monthly payments and make no payments for up to 90 days.**
- Our partners at GreenPath can share options to support your current financial situation, and help you make a personalized plan.
Other restrictions may apply. All loans subject to credit approval. Membership required. Offers are subject to change at any time.
* To be eligible for Interest Only Payment or Loan Payment Deferral, you must be a member in good standing, and all loans and accounts must not currently be past due. For Loan Payment Deferral, Finance Charges will continue to accrue on a daily basis at the Annual Percentage Rate set forth in your loan agreement during the deferral period.
** Payments cannot be deferred more than 90 days from the day of loan closing. Offer valid on auto loans not currently financed with DCCU.