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Area banks processing hundreds of payroll protection loans

NOW: Area banks processing hundreds of payroll protection loans

One of the stimulus programs helps small businesses stay open and keep their employees during the COVID-19 pandemic.

In Berrien County, 1100 small companies have been approved for $230 million in payroll protection program loans, according to The Cornerstone Alliance in Benton Harbor.

If spent on things like rent, mortgages or employee wages--most of the loans will be completely forgiven.

Terry O'Rourke, of United Federal Credit Union, says these loans will be a lifeline for some businesses.

"It's huge! They are able to keep their workers employed, that's a lot of paychecks saved. Giving them a lifeline during this very difficult time will help them keep their doors open," O'Rourke said.

O'Rourke says his credit union has already processed 425 applications for more than $40 million and he encourages all small businesses to reach out to their bankers.

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