Governor Laura Kelly Provides Update on PPP Program to Aid Kansas' Economic Recovery
Governor Laura Kelly has shared details regarding changes in the Paycheck Protection Program (PPP) that will increase access and relief to businesses with under 20 employees and other business owners who previously had limited access to the program.
For the next 14 days, only businesses with fewer than 20 employees will be able to apply for PPP support.
“Small businesses are the heartbeat of Kansas communities and I am committed to using every tool to ensure they prosper now and into the future,” said Governor Laura Kelly. “This targeted PPP support will make a huge difference to strengthen our small business community and economy statewide as we recover from COVID-19.”
The White House also made the following changes that will increase equitable access to the program:
- Revising the loan calculation and setting aside $1 billion to support sole proprietors, independent contractors and self-employed individuals;
- Removing the restriction where any owner with 20 percent or more of the business must not have had a felony within the past year (excluding financial abuse fraud felonies or owners who are currently incarcerated);
- Removing the restriction where any owner with 20 percent or more of the business must not be delinquent on student loans.
Kansas is already seeing the results of the 2021 available funding. As of January, over 17,000 Kansan small business owners have already been approved for over $800 million in loans. Applications are still open through the end of March, and businesses can be eligible even if they received 2020 funding through PPP.
“I hope every small business in Kansas that needs support will consider applying to the Paycheck Protection Program. Kansas small businesses have shown great resilience throughout this pandemic and we hope this program will ease some of their burden,” said Lieutenant Governor David Toland.
Nationwide, compared to the first round of PPP funding in 2020, the share of funding to small businesses with fewer than 10 employees increased by almost 60 percent and the share of funding to businesses in rural areas increased by nearly 30 percent.
For more information on the administrative changes to the Paycheck Protection Program, please visit the White House Fact Sheet here.
For information on the program overall and how to search for nearby lenders, please visit the Small Business Association Website here.
For general questions about Economic Development programs in Kansas, please visit https://www.kansascommerce.
(Information courtesy Office of the Governor.)