COVID-19 FINANCIAL SUPPORT PAGE
Welcome to the ASCU’s COVID-19 FINANCIAL SUPPORT PAGE!
During these unforeseen circumstances ASCU is here ready to give support to those members facing financial challenges due to COVID-19 whether furlough, salary cuts and even job loss.
The Credit Union will offer relief packages including Waivers and/or ASCU COVID-19 RELIEF LOANS to persons affected by COVID-19.
- WAIVERS for 3 months in the first instance
ASCU COVID-19 LOAN for : –
(a) Furloughed Employees
(b) Salary Cut/Reduced Income Employees.
FOR FURLOUGHED EMPLOYEES :
FURLOUGHED EMPLOYEES WITH LOANS :
WAIVERS on existing loans to be extended for 3 months in the 1st instance
(1) ASCU COVID-19 LOAN – For Furloughed Employees:
- This Loan of 3-6 months of Net Earnings at 0.4% on the reducing balance
- Loans to be disbursed in 3 -6 Tranches
- Interest for the duration of the Loan to be capitalized and added to the Loan Balance and will be repayable over 3 – 4 years. Repayment to commence at the end of the Furlough Period
DOCUMENTATION REQUIRED: FURLOUGHED
- Letter to evidence Furlough
- Last payslip to evidence Net Earnings (Earnings less PAYE, NIS, and H/S)
- One form of ID
- Some evidence from the Bank to demonstrate correct Bank Details so that payments may be forwarded via ACH e.g. excerpt for Bank Statement minus transaction details
FOR SALARY CUTS / REDUCED INCOME EMPLOYEES :
ASCU members who do NOT have Loans may experience Salary Cuts and may approach the Credit Union for relief.
PROPOSED FACILITY: ASCU COVID-19 LOAN to match REDUCED INCOME:
PROPOSED FACILITY: SALARY CUTS/REDUCED INCOME EMPLOYEES WITH LOANS: the credit union will offer restructuring of existing debt or debt consolidation on a case by case basis with favorable interest rates.
DOCUMENTATION REQUIRED :
- Letter to evidence Salary Cut/Reduced Income
- Last Payslip to evidence NET Earnings
- One form of ID
- Some evidence from the Bank to demonstrate correct Bank Details so that payments may be forwarded via, ACH e.g. excerpt from Bank Statement minus transaction details
FOR ADDITIONAL SUPPORT CALL OUR ASCU’S COVID-19 SUPPORT HOTLINE