Nearly 20,000 Kansas businesses are receiving federal stimulus money.
Senator Jerry Moran says the businesses are sharing close to $4 billion worth of loans through the Small Business Administration’s Paycheck Protection Program. This lets companies with up to 500 employees a low-interest loan to cover up to two months of payroll and other expenses. If all employees are kept on the payroll for eight weeks and other criteria are met, the loan can be forgiven.
The SBA received the funds through the Coronavirus Aid, Relief and Economic Security, or CARES Act. There is no word yet on when that money will flow to businesses.
