Kansas Governor urges small business to apply for PPP

TOPEKA, Kan. (WIBW) – Governor Laura Kelly has urged small companies to use for the Paycheck Safety Program, which closes on Might 31.

Governor Laura Kelly says she has inspired Kansas small companies to proceed to use for the 2021 Federal Paycheck Safety Program earlier than its prolonged deadline of Might 31. She mentioned Kansans can proceed to submit purposes for forgivable loans for small companies negatively impacted by the COVID-19 pandemic.

“Kansas small companies are the spine of our economic system,” Governor Kelly mentioned. “Further PPP funding will assist gasoline our continued financial restoration, and I encourage all eligible small companies to use for PPP funds earlier than the Might thirty first deadline. I’ll proceed to push for added stimulus funding to assist our small companies as we get our state again to regular.”

Led by the Small Enterprise Administration and the Treasury Division, Gov. Kelly mentioned the PPP is a federally administered program that offers loans to small companies to cowl payroll bills. She mentioned the SBA started accepting purposes by means of Group Monetary Establishments on Jan. 11 and thru all different monetary establishments on Jan. 19. She mentioned the deadline to use has been prolonged to Might 31.

Based on Gov. Kelly, throughout the distribution of PPP funds in 2020, there have been 54,000 small companies within the state that obtained a mixed $5 billion in funding.

“PPP has impacted our enterprise in probably the most constructive means potential,” mentioned Andrew Gough, proprietor of Reverie Espresso Roasters in Wichita. “Fairly frankly said, with out the assist of this system, we couldn’t have continued to be in enterprise right this moment. Balancing the protection wants of our employees and group with bottom-line enterprise survival required assist from one other supply. We now have actual hope of surviving this horrible pandemic, each as people and as a enterprise.”

Gov. Kelly mentioned the 2021 PPP is supposed to make this system simpler for small companies and goal the worst impacted industries through the next modifications:

  • Forgiveness has been simplified for debtors of $150,000 or much less, with self-certification choices to make sure funds are spent the best means.
  • Hospitality companies, corresponding to motels and eating places, are eligible for 3 and a half occasions their month-to-month payroll.
  • Eligible bills paid for with forgiven PPP loans can now be deducted on taxes for 2020 and 2021. Employers are actually eligible for the Worker Retention Tax Credit score even after taking PPP funds.
  • Employers are now not required to deduct Financial Damage Catastrophe Loans from their PPP mortgage complete.
  • Extra classes are actually eligible as non-payroll bills, with operational bills, provider prices, harm from social unrest and employee safety bills.
  • Extra teams are eligible for loans, together with 501(c)(6)s, housing cooperatives and direct advertising and marketing organizations.

Beneath the newly prolonged program, Gov. Kelly mentioned $234 billion is obtainable with $12 billion earmarked for companies in low-income and minority communities, in addition to $15 billion in grants only for dwell leisure venues. She mentioned by means of Group Monetary Establishments, the SBA hopes to encourage extra entry to PPP funds. She mentioned companies that haven’t gotten PPP funds earlier than are eligible for loans as much as $10 million if they’ve 500 or fewer workers. She mentioned companies which have gotten funds throughout the first spherical are eligible for as much as $2 million in funding if they’ve 300 or fewer workers.

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