Saint Louis, MO – The US Small Business Administration (SBA) is accepting loan waiver requests for its Paycheck Protection Program (PPP) and plans to waive approximately 70% of PPP loans made earlier this year. To date, Together Credit Union has received transfers for 20 PPP borrowers. “Together Credit Union was one of our first lenders to receive a referral notice from the SBA for its borrowers,” said Mara J. Lahnar, partner at Mickes O’Toole. “The PPP process works as expected. It is exciting to see how the circle comes full circle and that during this critical time the SBA has continued to support small businesses and save 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, aims to help keep workers busy during the COVID-19 health crisis, and lenders rushed to assist business owners with their applications before the August 8 application deadline. Together, Credit Union, an SBA preferred lender, helped 300 business members obtain PPP loans. “The COVID-19 pandemic has seriously hit the energy industry. The Paycheck Protection Program has helped us keep operations running without firing anyone or reducing benefits or payrolls. It was extremely helpful, ”said Kevin Aydt, owner of Aydt Oil Company. The company has received all of the PPP transfer funds. Notably, more than 25% of Together Credit Union’s PPP loans went to women and minority-owned companies. For Bilingual International Assistant Services, a local nonprofit founded by stateless refugee women in 2002, the Paycheck Protect program has helped the nonprofit continue to provide multilingual social services, mental health care, immigration and naturalization services, advocacy and education for over 3,000 immigrants and Provision refugees in the greater St. Louis area. Many of the servants are survivors of torture and war trauma. “Providing paychecks to our employees means we can provide essential services, especially trauma-focused care during the pandemic. We have also expanded the program to meet the emergency needs of immigrant / refugee families and older adults, including daily deliveries of groceries, cleaning supplies and personal protective equipment in St. Louis City and County, “said Jason Baker, Ph.D., Executive director. SBA’s PPP borrowers may apply for loan waiver at any time prior to the loan maturity date, which is either two or five years from the date of the loan. Together Credit Union also offers credit relief options to business members, including loan deferrals, refinancing, interest-only payments and lines of credit. “Funding our business members remains a priority as the pandemic continues,” Sheahan said. Together Credit Union has opened 444 new business accounts so far this year and has joined more than 4,000 business members who already use Credit Union’s banking products and financial expertise and services. For more information about this press release, please contact Julie Linder, Public Relations & Events Strategist, at (573) 268-0639. ### ABOUT: For more than 80 years Together Credit Union has been a trusted financial partner, empowering more than 136,000 members across the country to achieve their goals. As a result, Credit Union was named the Best Credit Union in the State of Missouri in 2019 and 2020 by Forbes Magazine, and was named the 2019 Corporate Philanthropy Honoree by both the Credit Union National Association and the St. Louis Business Journal. With total assets of more than $ 2 billion, the Credit Union is federally insured by the National Credit Union Administration (NCUA) and named Best Credit Union in the State of Missouri in 2019 and 2020 by Forbes Magazine. More information is available at TogetherCU.org.
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