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PPP, EIDL Funding Key to Kansas Business Survival

Roger MarshallFederal financial assistance continues to flow to small and independent businesses through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs.

To date, Kansas businesses have been awarded nearly $5 billion in forgivable loans that cover payroll and associated costs. These funds have helped ensure nearly 80 percent of eligible payroll in Kansas remains employed during this economic downturn. Together the PPP and EIDL programs have supported more than 50,000 Kansas businesses.

"The assistance provided to our small and independent businesses is invaluable during this economic downturn," said US Congressman Roger Marshall, M.D. "Without this assistance, our state's unemployment figures would be far worse and thousands of Kansans would be without a paycheck. President Trump and the federal government continue to provide support to our business owners to ensure they survive this downturn and continue serving their customers and communities. I want to thank our lenders who have worked tirelessly on behalf of their clients to submit applications and drawn down much-needed funds for businesses."

Kansas ranks in the top 10 in the nation in the number of loans received by businesses and the number of jobs protected through the program, keeping nearly a half million people on payroll through the past three months. The average loan amount to Kansas businesses is less than $20,000.

Farmers and agriculture businesses were made eligible for PPP when the second round of funding was authorized by Congress. Several bankers have reported an increase in the number of farmers enrolling in the program.

"Any small business owner or farmer that has an interest in applying for the program should do so now," said Representative Marshall. "Funding remains, but business owners should be speaking with their bankers now about submitting their application as soon as possible."

The CDC and White House Coronavirus Task Force continues to provide guidance for businesses of all sizes and many community-level reopening plans have complimented those federal guidelines with community-specific guidance. Updated PPP guidelines, released Wednesday, as well as additional COVID-19 resources can be found at Marshall.House.Gov.

(Information courtesy Representative Marshall's Office.)

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