$350 Billion Paycheck Protection Program Is Out of Funds (for now)
Note: Congressional Action on 4/23/20 funded a second round of funding for EIDL and PPP.
April 16, 2020: The Small Business Administration has run out of funds for the $350 billion Paycheck Protection Program, at least for now. A second round of funding, which could provide additional PPP funding has been stalled in the Senate for a second week. Senator Jerry Moran expressed his frustration with the deadlock on a call today with Kansas commodity groups. Kansas Corn encourages growers who are interested in applying for a PPP loan to continue to work with their lender so they are prepared if additional funding PPP loans is approved.
Kansas Loan Approvals: SBA approved 26,245 loans in Kansas, totaling $4.28 billion in federal relief, most of which will be forgiven as long as the loan recipient keeps their employees, according to Senator Moran’s office.