This Time, It’s Personal

The tale of 2020 will be told for years to come. No one has been left untouched by stress and uncertainty and it seems like every day comes with news so wild, it can’t possibly be true. Yet through it all, we have come together as a community. We will survive to tell the tale. Now? It’s time to take back control and thrive.

In the midst of chaos, a hero rises. That hero… is you. SunWest, like a proper sidekick, is here to offer support. We’re not going to let 2020 crush your dreams. We’re here to reinforce them. With a 7.90% personal loan, you can take control and choose your path. Will you plan your dream staycation? Fund the wedding you’ve been awaiting once COVID is a distant memory? Consolidate your debts so you can focus on your future? You can even complete the home renovations you’ve had to put off for far too long.

Don’t let the stress of the past 12 months build up and knock you down. Your plans have already been paused most of the year. Apply now by going to any SunWest branch, calling our loan-by-phone team, or submitting your forms online. There’s no better way to show 2020 who’s boss than by totally owning the new year. You won’t be pancaked by the setbacks that tried to keep you down: this time, it’s personal.

A loan as flexible as an Olympic gymnast, requiring no collateral that would just slow it down, and with a fixed rate as steady as your resolve? There’s no better tool to assist you in being the architect of your future. Now’s your time to get back on track. Get up, brush that dirt off, and shine like you were meant to. Make 2021 your BEST. YEAR. YET.

What’s the Scoop?

We have all had our lives upturned by the COVID-19 pandemic, but small businesses have been hit harder than most. The mom-and-pop stores that rely on local customers to sustain them, that participate in neighborhood events, that support the community supporting them, struggled to continue business-as-usual operations while following social distancing guidelines. Even if their products and services could be sold online, their customers were likely unable to make their usual purchases due to their own financial hardships. In response, the Paycheck Protection Program (PPP) was created.

The PPP loans are intended to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association will forgive the PPP loans if businesses follow the requirements in keeping their employees on the payroll and in how they use the money. Understandably, people flocked toward financial institutions to claim their loan so they could keep their company and staff afloat.

Unfortunately, the PPP loans process disappointed many small businesses when the program started. Nindi Wadhwa was one of these business owners seeking assistance. With his wife Carissa, he founded Scooptacular amid the housing crash 10 years ago. Nindi recalled, “Our vision was to be a beacon of hope to the community during that time. What also motivated me was to create a family-friendly place where I could take my kiddos on daddy dates.” While living in Laveen, they found there wasn’t much for families to do, and this was a great way to contribute to the neighborhood. They’ve grown a lot since then, becoming a staple in the small town, and anyone who walks in will feel at home.

Because Scooptacular relies heavily on their community, they needed to apply for a PPP loan to sustain their business. However, Scooptacular struggled to obtain a loan before the funding ran out. Yet Nindi and Carissa refused to give up, and were bolstered by the outpouring of support they received from their loyal customers. Once the next round of applications began, they applied again through SunWest, and “were finally able to secure funding through the PPP Program. After speaking with [SBA Arizona Deputy District Director] Shivani last week we reached out to SunWest Credit Union. I was amazed at how quickly they pulled it off. We filled out the application at 11:30 am. The very next morning we were approved.”

Our SunWest team was ready and willing to offer aid as soon as they could, and Nindi was extremely grateful. “I just wanted to give my kudos to Jay and Joseph for their help,” he said of their service. “I was able to call SunWest and speak to a human right away. They were awesome to work with.” Jay, our Direct Lending Manager, and Joe, our Director of Risk Management – and their dedicated teams – have been on fire assisting small business owners in successfully applying for the PPP loans. Scooptacular was no different.

We at SunWest view assisting local entrepreneurs like Nindi and Carissa to be not just our job, but our duty. Nindi’s gratitude hammered home just how important this work is. “Without you all, I don’t think we would have been able to pull this off. Thank you all for your help through this process,” he told us. As a financial institution that is from and for Arizona, SunWest Credit Union is proud to contribute stability to the community that, in turn, carries us forward through hard times like these.

Anyone who tastes the efforts of this family-run business is sure to be thrilled it has received the support it needed. Scooptacular is worth a trip whenever you’re in the Valley: “We make all of our ice cream in-house and have won blue ribbons from the national ice cream association!!! Currently we have our flagship store in Laveen. We also wholesale to several Valley restaurants like Lou Malnati’s Pizza and have a few dessert places that carry our ice cream! Tropical Sno Glendale, Tropical Sno Mesa and Scooptopia!” They have many unique flavors that are sure to delight adults and kids alike. Plus, you can enjoy your ice cream and stay safe by ordering online!

Not only was Nindi relieved to finally receive his PPP loan, he was also excited about our youth accounts. “My kids are 5, 10 and 12. We plan on coming in once the branches are open to have them open accounts!!!” he let us know. We can’t wait to be able to see and give prizes to our Pounce Accounts members again – but in the meantime, we still have fun, free, at-home activities to participate in!

From little kids to small business owners, SunWest is here for you when the big banks aren’t. Strengthening our community so we can all get through tough times together is our top priority. Nindi, Carissa, and their kids deserve to feel cared for during this time, and local Arizonan businesses deserve to survive. We will always believe that our members are more than just a number.

Creating A Sense of Community

Spending more of your time at home than you’re used to can be both boring and stressful. Whether or not you’re living alone, you probably miss friends and family you don’t get to meet up with like you used to. It can also be taxing to not be able to spend time at big events, malls, or even grocery stores in the same way as before. Luckily, there are a myriad of ways to spend your time without spending a lot of money.

You have likely already discovered the wonders of Netflix, but did you know there’s a Chrome extension called Netflix Party that allows you to sync up with friends so you can all watch at the same time? Watch or rewatch your favorite movies and shows together no matter where you are. While this doesn’t work with other streaming services, there is still an abundance of stories to get enveloped in no matter the site you choose. It may be tempting to subscribe to all of them, but instead save money by trying out their free trials and see which one or two have the most you’d like to watch.

Libraries have been offering more online options now that they have had to close their physical locations. Check out this list of ways to download and read free books for a great way to keep your mind active and maybe try some new genres you haven’t before. Rediscover other hobbies you may have gotten too busy for, but now have some time to attempt again. Sing some karaoke, start a podcast, learn an instrument. Cleaning up your home can feel productive – maybe redecorate some areas for fun! All of these cost little to nothing, depending on how seriously you get into them.

There are also a variety of video chatting options these days, that are of course being used more than ever. Check up on your friends. Set a day and time for a weekly family get-together. Make new friends by livestreaming on your Facebook or Instagram. Find apps that allow you to play with friends while video chatting. Have a game night with everyone in your household. Why not take this time of physical distancing to get closer to people emotionally?

Just because you’re getting tired of being at home, doesn’t mean you have to spend a wild amount of money to find entertaining activities. If none of the above activities have caught your attention, look up lists like these that will show you a world of possibilities. There are free classes for anything from exercising to playing guitar, free computer or physical games, free theater and music, and so much more. At a time when finances are becoming an issue for too many, save your money and connect with others, all in one go.

Down to the Bare Necessities

When a pandemic puts the whole world into crisis mode, there are few plans that won’t be affected. Work in particular has been a confusing situation for everyone. How do you handle your finances when you’re not sure what will come next? Whether you’ve been working from home or were laid off, now is the time to get your budget in order.

Saving on gas while you work at home? Put that money toward your essential bills, savings, or investment. If there’s a risk of income disruption, now is not the time to count your gas money as “extra” fun money. Planning for the long-term, now or in any other crisis, is extremely important since we can’t predict how long the situation might last.

Is your work on hold, or you’ve been laid off? There are many resources out there to help you make ends meet right now. You can also find budgeting tutorials and suggestions, such as the budgeting tips we have here. Even with necessities, however, you can reduce your spending. Use coupons on your groceries, reduce your utilities usage to cut down costs, check with your landlord on payment options.

After you have added in any financial assistance (unemployment benefits, tax return, etc.), if your income still doesn’t cover all your expenses, you need to take action. Ideally you would have had an emergency fund ready to be used in this time of need. If you hadn’t been able to build one up before the crisis, try selling unneeded items or getting a part-time job. Make sure to check the state rules if you’re collecting unemployment benefits, so that any side income doesn’t affect your eligibility.

No one is certain about how long this pandemic will last. If you are able to work from home or get a temporary job in the midst of this instability, take care of your finances. This applies even more if you have been laid off – you have the time now to go over your individual or family budget with a fine-tooth comb and make sure you stick to it. No matter the long-term financial impact, spending and saving wisely is the key to making it through.

Riding Out Rough Patches

There is a lot we cannot predict about the coming months. What is the economy going to be like? When will things go back to normal? Although we don’t have all the answers, we do have solutions for those finding themselves in a difficult financial situation. Here are some tried and true tips to help you navigate through this time.

A budget has always been a good place to start. Now, it’s more helpful than ever. If you’ve already been working on making and sticking to a budget, you’re likely in a better situation than many others. If you haven’t, start now. Prioritize what needs to be paid first, and estimate how much it will cost you, whether weekly or monthly or another time range is up to you. Eliminate nonessentials wherever you can. Top of the list should be what you need to survive – food, shelter, and utilities. Then come other expenses such as transportation, which might not be as necessary but can become very important at certain times. Lastly are the items that aren’t strictly essential, but might add to your quality of life, especially when you have to social distance. Maybe you still want to grab that coffee every day, or you’ll make it at home. You might want to add another streaming service so that your family has a greater variety of choices for movie nights, or perhaps you’ll be fine with the one you already have. These kinds of budget items can change with every individual.

Take advantage of refinancing programs for your house or car. If your credit is good and you’re going to have the same house or car for the foreseeable future, you could be saving money by refinancing your loans. Similarly, with insurance for your home, vehicle, health, and so on: make sure you’re neither overinsured nor underinsured. You want to be covered just enough at the best rate you can find. This can involve a lot of research, but is sure to be worth it in the end.

If you have any money left over from budgeting, put it into your savings. Many are dipping into their emergency funds these days, so you may feel like you should use it on backup supplies or put it toward other bills that could be waived instead. However, setting aside any extra money in your savings account is just as good a thing to do now as it has ever been. We don’t know what the future holds, and this way you will be more prepared.

These financial tips are advice for any rough patch, but are needed now more than ever. And during any time of stress, make sure to take care of your mind and body too. Exercise, eating healthy, and practicing mindful meditation can all keep you going through this unpredictable time so that you’re ready to embrace when the situation evens out again. Navigating through stormy seas isn’t something anyone wants to do, but if you build a sturdy ship, you’ll get back to shore safely.

Together, We Are Stronger

Hard times can happen to anyone, but this year it feels like they’re happening to everyone we know. Thanks to the far-reaching effects of the coronavirus, many businesses have had to lay off employees. Whether it’s temporary or permanent, help is needed now. If you’re out of work or struggling to make ends meet in any way, here are some resources to help you out.

The Arizona Department of Economic Security is a great place to start. They are the main resource to apply to so that you can get unemployment insurance, which is a temporary source of income for those who lost their jobs when it wasn’t their fault. Normally, you would need to be “actively seeking work”, but they have suspended that requirement during this emergency. They also have a variety of links, phone numbers, and advice you can go through for more help.

Another major site to go to right away is Arizona Together. Along with links to financial assistance and where you can apply for a job, they have assistance for mortgage and rental eviction. You can also find ways to take care of your food needs, utilities, childcare, mental health, and so much more. Take advantage of these resources for yourself and your family now, so that your lives can be a little more stable.

Arizona Together has links for businesses, volunteers, and donations. You can also go directly to the Arizona Department of Revenue for business, individual, and/or tax relief. They describe different kinds of assistance that could be useful to you. Governor Doug Ducey’s news release also talks about unemployment assistance in a brief, simple-to-understand way.

While some of these resources are only to help during this COVID-19 emergency, many are good to keep on hand for the future. Having quick access to places you can apply to for help is always nice – back-up plans are never a waste of time. But right now, this information could help you or someone you know to last through the current pandemic issues. No one should have to worry about if they’ll have a place to live or food to eat while trying to keep themselves healthy. If we make the time to take care of each other now, we can all get through this together.

Economic Impact Payments

Good news! The Internal Revenue Service has sent out the first wave of economic impact payments. The direct deposits are expected to hit accounts on April 15th for those who already filed taxes for 2019 and have their bank account information on file with the IRS. This is great news and welcome assistance for many, but you may still be left wondering, what do I need to do to access the payment? What’s the best use of this money?

First, it’s important to remember that most taxpayers will not need to take any extra steps to receive their payment. If you’re not sure how much you should be getting, here’s a simple breakdown. If you do still need to file, there are some great resources available, including free electronic filing if your adjusted gross income is $69,000 or less. As you likely have heard by now, the deadline to file your taxes this year has been moved from April 15 to July 15. Even though the deadline has been extended, the sooner you file, the sooner you are able to receive your economic impact payment.

Once you receive your payment, your first thought may be to spend it on things to keep you busy during quarantine. While it’s easy to get a little carried away with spending when it comes to a large sum of money, be sure to prioritize your highest needs: food and shelter.  If you need even more relief from your financial obligations, contact the utility company, your auto loan provider, cell phone provider, and other companies you owe money to and see what they can do to lower your bills or waive fees. Most organizations are working with customers during these difficult times so don’t be afraid to ask for assistance! For a more visual guide regarding ways to use your stimulus payment, check out this excellent chart provided by the National Credit Union Foundation.

Talking with your credit union or other lenders can also help you determine the programs available to you that would provide the most financial relief right now. Setting aside a little money in your savings is another way to help you manage and plan for future obligations. Lastly, if you know you owe the government money to pay your taxes, set aside some money to ensure you have enough to cover that payment. The less debt you have now, the easier it will be to manage your finances once things return to normal.

One thing to keep in mind is that your money is safe with SunWest so there is no need to hoard cash once you receive your stimulus payment. We also want to remind you to be on the lookout for scams as we are seeing a rise in COVID-19 related fraud.

We know you are being bombarded with an overwhelming amount of information as guidelines and resources are constantly changing or being updated. Here’s a summary of the basics you need to know about the economic impact payments, including how to designate a direct deposit account and the garnishment process. If we can help to clarify any of the above information, or if you have any questions, you can ask us in the comments or call your nearest branch.

Your Money is Safe with Us

It’s easy to get swept up in panic during times of uncertainty. COVID-19 has left us with a lot of questions and anxiety. One thing is certain: your SunWest accounts are protected.

Our interests as a credit union revolve around what is best for our members. While it can be beneficial to keep small amounts of cash on hand for emergencies, experts strongly recommend against withdrawing large sums. It exposes you to major risk.

Hoarding cash only makes you a bigger target for those seeking to take advantage of the vulnerable during these stressful times. It’s much easier for a thief to grab your wallet or break into your home than it is for them to break into your account. As of March 19, Safewise.com reported 22% of Arizonans have experienced property crime, and 72% have no home security system. Once lost, cash cannot be recovered, whereas your credit union account is automatically insured through the NCUA of up to $250,000. With this insurance, you have one less thing to worry about.

Remember, “This is not a natural disaster like a hurricane or an earthquake where the electricity is out,” states Chief Financial Analyst of Bankrate.com, Greg McBride. You can still pay your bills – and even do your shopping – online. In fact, the more you do online the better, as it brings you into less contact with possible contamination. Digital payment technology is more widespread than ever, making it easier to quickly pay anything, whether it’s your mortgage or that friend you owe lunch to. Now is the time to keep your cash in the bank so you can put that tech to good use.

SunWest Credit Union is here for your financial needs and support. Our ATM and branch cash supply are continually replenished, and this will not change. We are honored to be your chosen financial institution. We’ve kept your accounts safe for over 83 years, and we will continue to protect your interests at every turn.

Refi For A Reason – COVID-19 Relief

Our Refinance for a Reason program has become a staple in our community and something our staff looks forward to every year. We enjoy supporting local organizations that better our community and know how much of an impact we can make in just a few short months. Our comprehensive refinance program has enabled us to give back to incredible organizations such as Phoenix Children’s Hospital, Special Olympics of Arizona, the Arizona Animal Welfare League, and others. This year, our donations are more important than ever.

The two organizations we have chosen to assist are The AZ Coronavirus Relief Fund and Valley of the Sun United Way. Each effort provides relief to the individuals most affected by COVID-19 as outlined below:

• The AZ Coronavirus Relief Fund supports organizations working to diminish the impact of COVID-19 here in Arizona. They fund personal protective equipment for medical employees, food banks, technology for low-income students, and more.
• The United for the Valley COVID-19 Fund was started to adapt to the emerging and fast-changing needs of health and human services organizations, schools, and the individuals and families they serve. Their support goes to child care, rent assistance, lost wages from business closures, and other pressing needs.

SunWest will make a contribution of $50 for every auto loan refinanced through the credit union. Once the program ends, we will donate half of the funds to the AZ Coronavirus Relief Fund, and half to Valley of the Sun United Way. We will also continue to do our part during these difficult times to protect both our members and our employees. From participating in social distancing to accounting for each person’s unique financial situation, SunWest wants you to know that we stand ready to help our community get through these challenging times with a little financial support and a whole lot of love.

Unfortunately, this pandemic has affected families and loved ones around the world, with many Arizonans facing adversity for the foreseeable future. As a local credit union, we know how critical it is to represent our communities as local people, which is why we are making it our mission to help those who need us the most right now. SunWest may just be another valley credit union, but our staff truly cares about our members, their neighbors, and the communities in which we serve.

Take this time to refinance your auto loan, save money, and give back to your community without leaving the comfort and safety of your own home. In addition to the donations being made, we are offering up to 90 days of no payments, great low rates, and the ability to save up to 2.00% off your current rate.

For more details, and to apply online, go to our website.

Surviving Tax Season

Tax season is stressful for almost everyone, but if it’s your first time? It can be that much worse. Instead of feeling overwhelmed as you wonder where to start, don’t get intimidated. Doing your taxes can take up a lot of time, but it’s not as hard as you might think.

The three main options for filing a tax return are to fill out IRS Form 1040 or Form 1040-SR by hand and mail it, use tax software to file the form electronically, or hire a person to prepare your taxes. There are a lot of factors that go into whether or not you have to file, but you might want to do it either way. You could qualify for a tax refund, and who doesn’t love getting money back?

No matter who’s doing your taxes, make sure to get all your information ready, like your W-2 and your tax-deductible expenses. Then make sure you’ve got the right federal and state forms to fill out! If you’re filing electronically or with a person you’ve hired, it’ll be easier, but it’s always good to double-check.

If this is your first time doing taxes, or your situation has become more complicated, relax! Just start early so you have plenty of time to make sure you get everything right. If you have the money to hire someone to prepare your taxes for you, that is of course the easiest option, but not necessary.

Whether you’re a student doing your taxes for the first time, you’ve just started a business, or there are other changes in your finances, filing your tax return doesn’t need to be a stressful accomplishment. With a little preparation and research, you can file your own taxes without too much hassle, and not only survive, but thrive!