TIGARD, Ore.–Eight Oregon credit unions have been approved to participate in a $35-million program in the state that will make one-time $500 relief payments to Oregonians facing hardships due to the COVID-19 pandemic.
As CUToday.info reported earlier here, the state legislature approved the funds and has asked the private sector to work with it to help get the funds distributed.
The participating credit unions include Central Willamette CU, Clackamas FCU, InRoads CU, Old West FCU, OnPoint Community CU, Oregon Community CU, Rogue CU and SELCO Community Credit Union.
“Credit unions are not-for-profit cooperative financial services providers, and put consumers’ needs first,” said Jennifer Wagner, EVP with the Northwest Credit Union Association. “Throughout the pandemic, as they always have, credit unions stepped up to offer flexible financial solutions to their members, from loan payment deferrals that helped families have money available to make ends meet, to Paycheck Protection Program loans that protected jobs. Once again, they are here to serve Oregonians.”
Eligibility Requirements
The NWCUA said credit unions worked closely with legislative leadership to develop the program logistics as quickly as possible. The credit unions are not accepting any fees from the state for the program, which will continue as long as funding is available.
To be eligible, recipients must:
- Be a current resident of Oregon and 18 years or older
- Be able to prove their identity and that they are an in-state resident
- Attest that they are experiencing severe financial hardship directly or indirectly due to the Governor’s Stay Home, Save Lives executive orders
- Have earned $4,000/month or less pre-tax prior to their income loss due to COVID-19
- Not have received all unemployment payments they are owed