Protect Your BudgetSmarter Shopping

by: Chris O'Shea


The coronavirus has hurt the nation’s economy and it has likely impacted your finances as well. While a recession is out of your control, you can take steps to tighten things up at home. Here are some tips to recession-proof your budget.


Add Up the Necessities

Go through your budget to see exactly what you need to cover the essentials. Your expenses might vary, but they likely include things like mortgage or rent, utilities, auto and health insurance, gas and groceries.


Make Cuts

Now that you know exactly what you need for your “must pay” expenses, it’s time to trim the fat from everything else. If you’re not using a subscription service, cancel it. See about pausing your gym membership until the pandemic fades away. Cut back on ordering takeout. While it’s fine to keep some fun expenses, you want them to be few and far between.


Seek Help

As Cnet reports, many companies are offering pandemic-related relief. Take advantage of that aid. Call utility companies, credit card companies, student loan lenders and more to see what kind of relief they’ll offer. (Make sure to get it in writing and check that they won’t report you late on your credit report.)


Increase Savings

Take whatever extra cash available in your budget and use it to fatten up your emergency fund. As always, you want this account to be able to cover three-to-six months of expenses. If you already have that amount, keep adding to it until things settle down. Don’t neglect your investments, but for the immediate future, your emergency fund should be a priority.

Paycheck Protection Program (PPP)

Please see important information below about how you might be eligible for financial help for you and your business.

The U.S. Small Business Administration (SBA), announced the Paycheck Protection Program (PPP) will re-open January 15 for new borrowers and certain existing PPP borrowers.

Key PPP updates include:
• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
First Draw PPP files are available  HERE


• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.


For a second draw PPP loan, no new documents (besides the application) are needed with a loan request of $150,000 and under AND where the business has experienced at least a 25 percent reduction in gross receipts in 2020.

Second draw ppp FILES available HERE


For detailed information regarding eligibility for financial assistance for you and your business and other PPP loan instructions: additional PPP information


When your PPP loan application is completed, we encourage you to submit it through our secure site here: UPLOAD PPP LOAN FILES HERE


IMPORTANT NOTE:  Understanding the financial impact COVID has had on many businesses, MVFCU remains committed to assisting you through this loan process.  However, please be aware that we anticipate MANY applications to be filed which may delay our response to your inquiries. Be assured we WILL return all phone calls or emails as quickly as we can.  We appreciate your patience as it may be several days delay before we can get back to you.   


 Paycheck Protection Program: Loan Forgiveness

Paycheck Protection Program Loan Information

The Paycheck Protection Program (PPP) was a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. 
Click here to read more about PPP loan forgiveness on the SBA website.





Stimulus Payments Stimulus Check

MVFCU members will start receiving direct deposit Stimulus Payments on Monday, Jan 4 2021. The U.S. Treasury began mailing checks this week to individuals who do not receive direct deposit.
For more information on Stimulus Payments please visit


  economic impact payments




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