Report details Kansas recipients of Paycheck Protection loans

KNSS News
August 11, 2020 - 5:38 am
Report details Kansas recipients of Paycheck Protection loans

The Paycheck Protection Program, enacted back in April, has pumped billions of dollars to Kansas businesses. Under provisions of the federal law, PPP was made available to certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses. 

PPP provided low-interest private loans to pay for payroll expenses and other costs. The loans may be fully or partially forgiven if the business keeps its employee base and wages stable.  

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KansasReflector.com reports that by the end of July, the Paycheck Protection Program had delivered just over five billion dollars in loans to 53,700 business applicants in Kansas. Through June, three dozen Kansas companies borrowed $5 million to $10 million through PPP.  More than 300 employers in the state received $2 million to $5 million, while 500 businesses took in $1 million to $2 million. 

Nearly 5,000 companies had PPP loans of $150,000 to $1 million. The bulk of recipients in Kansas, more than 46,000, accepted loans of less than $150,000.

The Small Business Administration estimated the federal loans coming into Kansas accounted for saving 521,000 jobs across the state.
 

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