PPP loans: Chicago-area small businesses turn to community banks after missing out on 1st wave of COVID-19 federal loans
NewsColony PPP loans: Chicago-area small businesses turn to community banks after missing out on 1st wave of COVID-19 federal loans CHICAGO (WLS) — While another round of federal funding is on its way to small business owners, some shut out of the previous wave of COVID-19 loans are turning to community banks for help. At Seaway Self-Help Federal Credit Union locations across Illinois, staff members are getting ready to have their customers in line for the next round of federal loans. “Wherever we could find an extra body, we’ve tried to incorporate that talent to get these applications processed,” said Daryl Newell, the credit union’s president. Seaway would be among those to qualify for money set aside for small banks in the latest federal funding package. But Newell acknowledged the need of business owners, especially in communities of color, is greater than what’s proposed. “It’s probably not going to be enough to make sure that everyone has an opportunity to keep their emplo...