The U.S. Small Business Administration (SBA) is accepting loan forgiveness applications for its Paycheck Protection Program (PPP), and plans to forgive roughly 70% of the PPP loans awarded earlier this year. To date, Together Credit Union has received remittances for 20 PPP borrowers.
“Together Credit Union was one of our first lenders to receive a remittance notice from the SBA for its borrowers,” said Mara J. Lahnar, partner at Mickes O’Toole.
“The PPP process is working as anticipated. It’s exciting to see it come full circle and that the SBA continues to support small businesses during this critical time, saving countless jobs in our communities,” added Paul Sheahan, Vice President of Business Services at Together Credit Union.
The Paycheck Protection Program launched on April 3 to help keep workers employed during the COVID-19 health crisis, and lenders rushed to support business owners with their applications before the cut-off on August 8. Together Credit Union, an SBA preferred lender, helped 300 business members receive PPP loans.
“The COVID-19 pandemic seriously impacted the energy industry. The Paycheck Protection Program helped us maintain operations without laying anyone off or reducing benefits or payroll. It was extremely helpful,” said Kevin Aydt, owner of Aydt Oil Company. The company received PPP remittance funds in full.
Of note, more than 25%, of Together Credit Union’s PPP loans were awarded to woman- and minority-owned businesses. For Bilingual International Assistant Services, a local nonprofit established in 2002 by stateless refugee women, the Paycheck Protect Program has helped the nonprofit continue to provide multilingual social services, mental healthcare, immigration and naturalization services, and advocacy and education to over 3,000 immigrants and refugees in the greater St. Louis region. Many of those served are survivors of torture and war trauma.
“Providing paychecks for our employees means we can provide essential services, especially trauma-focused care during the pandemic. We also expanded programming to meet the emergency needs of immigrant/refugee families and older adults, including daily deliveries of food, cleaning supplies, and personal protective equipment in St. Louis City and County,” said Jason Baker, Ph.D., Executive Director.
SBA’s PPP borrowers may submit a loan forgiveness application any time before the loan's maturity date, which is either two or five years from loan origination. Together Credit Union also provides relief options for business members, including loan deferments, refinancing, interest-only payments, and lines of credit.
“Providing financial supports for our business members remains a priority as the pandemic continues,” emphasized Sheahan.
Together Credit Union opened 444 new business accounts to date this year, joining 4,000+ business members already utilizing the credit union’s banking products and financial expertise and services. For more information regarding this release, please contact Julie Linder, Public Relations & Events Strategist, by calling (573) 268-0639.