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.