Saint Louis, MO – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has reopened the Paycheck Protection Program (PPP) for first-time borrowers and second-draw borrowers who meet certain eligibility criteria.  Today, Together Credit Union, a SBA preferred lender, reopened its online application system to assist new and current business members with their PPP loan applications for the government-backed relief.

“To accelerate the PPP application process, we introduced a robotic process automation system to improve operational efficiencies,” said Paul Sheahan, Vice President of Business Services at Together Credit Union. “Last year, 300 of our business members received PPP loans, and of these, more than 25% were awarded to woman- and minority-owned businesses.”

In 2020, the SBA launched the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help keep workers employed during the COVID-19 health crisis. Initially, the loans covered payroll costs, interest on mortgages, rent, and utilities. The newest round of PPP loans, part of an overall COVID-19 economic stimulus package called the Economic Aid Act, will further help job retention by including operations expenditures, property damage costs, supplier costs, and worker protection expenditures. 

The Economic Aid Act also repealed a section of the CARES Act, which deducted Economic Injury Disaster Loan amounts from PPP lenders. Under the CARES Act, the SBA anticipated forgiving roughly 70% of PPP loans awarded in 2020. To date, 33% of Together Credit Union’s PPP borrowers have received remittances and the credit union expects an additional 25% to receive remittances by the end of the first quarter of 2021. 

For businesses interested in learning more, or applying for, the Paycheck Protection Program, please click here or contact Together Credit Union’s Business Services team at [email protected]. 

Together Credit Union remains well-prepared and capitalized to ensure business members have the financial resources they need as the public health crisis continues.  Together Credit Union opened more than 1,250 new business accounts last year and anticipates significant growth in 2021 as well. To learn more about relief options, including loan deferments and refinancing, commercial real estate loans, or a business line of credit, please click here. 

For more information regarding this release, please contact Julie Linder, Public Relations & Events Strategist, by calling (573) 268-0639.

About the Credit Union: For more than 80 years, Together Credit Union has served as a trusted financial partner, empowering more than 136,000 Members nationwide to achieve their goals. As a result, the Credit Union is named a 2019 and a 2020 Best Credit Union in State for Missouri by Forbes Magazine and was chosen as a 2019 Corporate Philanthropy honoree by both the Credit Union National Association and the St. Louis Business Journal.

As a member-owned, community-focused, not-for-profit financial institution, the Credit Union offers comprehensive banking products and financial services at 27 branches nationwide and through 24/7 Member resources and amenities. In addition, Members can access their accounts and perform transactions at more than 5,600 shared branch locations and self-service shared branch express terminals, as well as more than 25,000 surcharge-free ATMs, through the CO-OP Shared Branch Network in all 50 states.

With more than $2 billion in total assets, the Credit Union is federally-insured by the National Credit Union Administration (NCUA), and named a 2019 and a 2020 Best Credit Union in State for Missouri by Forbes Magazine.