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Small Business Administration now accepting applications for second round of PPP loans

Mike Wilson, of Members 1st Federal Credit Union, spoke with FOX43's Jackie De Tore about the company's role in helping small businesses.

YORK, Pa. — Mike Wilson, Chief Marketing Officer and Chief Relationship Officer at Members 1st Federal Credit Union spoke with FOX43's Jackie De Tore on Jan. 15 about the company's role in the second round of Paycheck Protection Program (PPP) applications that are now being accepted by the Small Business Administration.

The PPP program provides loans to businesses to help them ensure they can keep their employees working during the COVID-19 pandemic.

Wilson first spoke about the credit union's role in the PPP process. He says that his company "acts as a conduit" to the PPP program. They are the lender and the business owner begins the process of applying with them. They have a concierge work with each business owner and help them walk through the process of applying and setting up the loan. The company helps the business owner submit the application, fill out paperwork, and keeps them up to speed with everything they need to keep track of. 

"We're with them every step of the way," he said. "As a local financial institution, our commitment is to helping local businesses in the communities in which we serve." 

Wilson also noted that Members 1st has assembled a task force that quickly became experts on PPP loans, and it is there to help borrowers throughout the entire process.

Wilson ended by talking a bit about the changes to the PPP application that will make applying much simpler for borrowers. Business owners now have separate pathways to go through depending on whether they received a loan during the first round of applications or they didn't.

Several rules, regulations and timing changes have also been added, but Wilson still suggests getting started on an application right away.

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