$310 Billion Added to Paycheck Protection Program
President Trump signed legislation today that adds an additional $310 billion in funding to the depleted Paycheck Protection Program (PPP) for small businesses.
The PPP – established by the CARES Act that was signed into law on March 27 – is designed to help small businesses hurt by the coronavirus. However, the initial $349 billion included for the PPP ran out on April 16 after less than two weeks of being introduced.
The PPP provides loan forgiveness if businesses retain their employees during an 8-week period. If the funds are used for salaries, benefits, rent, mortgage interest and utilities, the loan may be forgiven.
According to the Kansas Department of Commerce, the Small Business Administration (SBA) will resume accepting PPP loan applications on Monday, April 27 beginning at 9:30 a.m. CT. They are encouraging small businesses interested in applying for one of these loans to do so immediately.
.@SBAgov will resume accepting #PPP loan applications on Monday, April 27 at 9:30 a.m. CDT. We urge Kansas small businesses and those who are self-employed to begin working with your lenders now, so your applications can be submitted at the earliest opportunity!
— Kansas Department of Commerce (@KansasCommerce) April 24, 2020