CORONAVIRUS: Kansas businesses given green light to apply for PPP forgivable loans

Kansas small businesses can officially apply for forgivable loans through the Paycheck Protection Program.

Governor Laura Kelly says the launch of 2021 coronavirus relief programs by the federal government opened the door for the application process to begin.

PPP is federally administered through the Small Business Administration and lets businesses cover payroll expenses. Last year, hundreds of area businesses were among the 54,000 Kansas businesses that split $5 billion in funding.

Some changes have been implemented for this year’s round of funding. Forgiveness has been simplified for borrows of $150,000 or less. Hospitality businesses are eligible for an increased loan total. Eligible expenses paid through forgiven PPP loans may be deducted on 2020 and 2021 taxes and employers can now take advantage of the Employee Retention Tax Credit even after taking PPP funds. Employers also don’t have to deduct Economic Injury Disaster Loans from their PPP total.

Applications will be accepted through March 31. For more information, contact local lenders or click here.