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In This May Issue:

▪ Working in cooperation through COVID-19
▪ We are still open but you don’t need to leave home!
▪ Free Virtual Tax Preparation services
▪ Join us for “From Crisis to Recovery: NY’s Fight for Public Banking”
▪ Financial Tip for the People - by Bernard Saavedra
Working in cooperation through COVID-19
We are still open but you don’t need to leave home!
Free Virtual Tax Preparation services
Join us for “From Crisis to Recovery: NY’s Fight for Public Banking”
Financial Tip for the People - by Bernard Saavedra
2020 Annual Meeting banner

Working in Cooperation through COVID-19

We are receiving an overwhelming number of messages from members asking us for financial help during this critical time. We hear you! Although, some of the resources are not available anymore, we want to share what we did and what we are still doing.

We provided SBA Paycheck Protection Program (PPP) loans for 30 small business members for a total of $1.3 million. We are truly grateful that we were able to help these businesses, but also troubled by the many that we couldn't. (This program has ended.)

We provided automatic Special Emergency Loans for up to $2,500 (at 5% APR) to more than 50 members. To provide some breathing room, we incorporated a two-month grace period of no payment. (This loan program has ended.)

We are offering Skip-a-Payment Options for all our personal loans: individual loans, car loans, credit cards and mortgages. If you have been financially impacted, request this option by contacting us at lending@lespfcu.org, email subject: Skip-a-Payment Request.

We continue to offer Financial Counseling services that can help you navigate financial resources and prepare a realistic budget, please reach us at bsaavedra@neighborhoodtrust.org.

If you can help, we invite you to make a donation to support our Select Partner Groups that are providing relief for many people in vulnerable conditions, many who did not receive any stimulus money.

We are committed to stand with you during this critical time and are actively looking for resources to help. Stay connected with us through our online venues like this newsletter, email blasts, website and/or social media.

Haga clic aquí para leer en español.

2020 Remote access

We are still open but you don’t need to leave home

Now more than ever, members are looking to bank remotely. Here are some services that you probably didn’t know you can access from home - or close to home.

Become a Member – An individual, business or organization can open an account and become a member without having to come to the branch. Email us at lespfcu@lespfcu.org to receive an electronic membership application.

Apply for a Loan – You can submit an Online Loan Application for personal loans, credit cards and overdraft line of credit. See our current rates.

Get Cash – You can access more than 30,000 surcharge-free ATMs nationwide though our COOP Network. In addition, you can use any Citibank Branch ATMs to make free withdrawals. Don’t have a People’s Debit/ATM card? Contact us immediately at lespfcu@lespfcu.org.

Make Deposits - You can make free check deposits through our Mobile Banking and mobile check deposit, make cash and check deposits through Shared Branch Locations or through ACH transfers available in Online Banking.

We are still open with changes in our hours of operation. If you have any questions about your account and other services contact us at lespfcu@lespfcu.org or call us at 212-529-8197, 212-828-6061 or 718-554-4544.

Haga clic aquí para leer en español.

2020 Free Tax Preparation

Free Virtual Tax Preparation Services

In partnership with Grow Brooklyn, we are offering free Virtual Tax Preparation Services to our low-income members. Grow Brooklyn’s virtual programs meet all IRS security standards and privacy protections. Filers can virtually “meet” with a live Tax Preparer and discuss any tax issues in real time.

Self-Tax Preparation with guided support - Prepare and e-file your own tax return for free with Tax Act or OLT that includes phone support from IRS-Certified Volunteer Preparers, as needed.

Virtual Drop-off Tax Preparation - Upload your intake documents through a secure online portal. Your taxes will be completed remotely by a Tax Preparer using the IRS VITA standards. Then, you will receive confirmation of the completion and review it over the phone with a Tax Preparer.

Click here for more information about tax services and income restrictions.
Click here to apply for an ITIN.
Haga clic aquí para leer en español.

2020 Public Bank

“From Crisis to Recovery: NY’s Fight for Public Banking”

Join our Public Bank Coalition at this Virtual Town Hall on Public Banking and the cooperative economy.

When: Thursday, May 7th, 6:30 pm-8:30 pm (on Zoom).

Who: Public Bank NYC coalition members, with guest Kali Akuno of Cooperation Jackson.

RSVP: Click this link to register by May 6. You will receive a Zoom link as the event nears.

As Wall Street banks exploit the COVID-19 crisis and continue to exacerbate racial and economic inequality, the need for just institutions like public banks has never been clearer. Join us to learn more, get inspired, and take action!

Click here for more information.

2020 bernard saavedra

Tips to staying financially healthy after COVID-19

The economy will recover slowly and a second coronavirus wave could hit in the Fall, so staying physically and financially healthy is important, here are some tips that might help.

Update your budget - Recognize essential expenses such as rent, groceries, medication, utilities, transportation, debt payments. Skim though your bank statement to recognize the non-essentials such as some subscriptions or online shopping, takeout, clothing, hobbies, nail care, taxis, or donations. Your goal is to cut or reduce some of your expenses.

Build an emergency savings fund - If you can set money aside, put it in a separate bank account that you don't touch. Start with a small amount and gradually increase it until you feel comfortable—avoid overdrafts.

Find additional money and resources - During quarantine, you may have been able to home cook more and save money. If you can keep this up you can build or increase your savings. Also, consider selling items you don’t need anymore. Finally, have a look at this NYC Coronavirus Resource list.

Protect your credit score: Maintain communication with creditors and if possible, make at least minimum payments on-time. Review your credit reports for accuracy.

Be ready for new opportunities: You may have valuable skills that can generate some extra income. Explore your options or learn something new.

Want to learn more about staying financially healthy and building a personalized plan, contact Bernard at bsaavedra@neighborhoodtrust.org.

Bernard habla español. Contáctelo para sacar una cita gratuita de asesoramiento financiero.

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