The Small Business Administration has now authorized over 2 million loans through its Paycheck Protection Program.
Approximately 2.7 million loans have been authorized with $193 billion being distributed to businesses across the nation according to a news release from the SBA Saturday morning. In Kansas, over 47,000 PPP loans have been authorized totaling over $5.1 million.
The program was out of commission for a brief time in mid-April after exhausting all available funds just 13 days after its initial launch. the program resumed less than two weeks later on Apr. 27 after an additional $320 billion was allocated to the SBA from the federal level.
The PPP program allows companies with up to 500 employees to receive a low-interest loan to cover up to two months of payroll and additional expenses. If those companies meet certain guidelines at the conclusion of that two month period the loan could be forgiven and essentially converted into a grant.
The SBA plans to announce guidance on that process in the very near future. In the meantime, funding is still available and those businesses wishing to file an application need to contact their local lender.
The SBA has provided a link to help you find the nearest qualified lender which is available by clicking here.
