PPP Program helping small businesses in Kansas
Congressman Roger Marshall, M.D., received an update from U.S. Secretary of the Treasury Steven Mnuchin on the implementation of the CARES Act and the Paycheck Protection Program (PPP). Secretary Mnuchin indicated that more than $243 billion in loans have already been processed through 4,600 lenders participating, providing vital funds for more than 1 million small businesses. This includes more than $3.7 billion in loans to 19,915 Kansas businesses.
“This report is encouraging, especially to hear of the streamlined approval process and disbursement of funds through the PPP to small businesses in Kansas,” said Rep. Marshall. “Kansans want to get back to work, and the unprecedented job being done by the Small Business Administration means many of these small businesses already have the cash they need to keep their employees on the payroll. There are still more businesses to help but this is a great sign.”
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:
“The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.”
