Small businesses can still apply for the 2021 Federal Paycheck Protection Program – or PPP – ahead of the program’s extended deadline of May 31st.
The PPP is a federally-administered program providing loans to small businesses to cover payroll expenses.
During the 2020 distribution of PPP money, 54,000 small businesses in Kansas received $5 billion in funding.
The 2021 PPP aims to make the program more attractive for small businesses.
Some changes in the 2021 version of the PPP include forgiveness being simplified for borrowers of $150 thousand or less, with a self-certification option to attest funds are spent appropriately, and eligible expenses paid for with forgiven PPP loans may now be deducted on taxes for 2020 and 2021.
Information on where and how to apply can be found at SBA.gov