U.S. Senator Pat Roberts (R-Kan.) today applauded the Senate passage of $310 billion in additional funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Importantly, the bill also includes $50 billion in additional funds for economic injury disaster loans, $10 billion for emergency economic injury grants, $75 billion for hospitals and $25 billion to expand coronavirus testing.

“This additional funding for the Paycheck Protection Program is crucial to keeping small businesses in Kansas afloat,” said Sen. Roberts. “I look forward to the program reopening for new applicants and encourage small businesses impacted by the virus in Kansas to apply.”

The PPP was established last month in the Coronavirus Aid, Relief and Economic Security (CARES) Act, to support small businesses impacted by the economic disruptions caused by the coronavirus pandemic. The original $350 billion of funding ran out in just two weeks.

The Paycheck Protection Program provides forgivable SBA loans up to $10 million for small businesses to cover eight weeks of payroll, group healthcare benefits, lease payments and mortgage interest.

Leader McConnell thanked Roberts on the Senate floor today, saying “…because of the hard work of Senator Roberts…it will be clear that farmers and ranchers are eligible (for Economic Injury Disaster Loans).”

“Today, the Senate reached an agreement that gives farmers and ranchers a fair shot at applying for Economic Injury Disaster Loans, a concern I’ve heard direct from farm country,” said Sen. Roberts. “I thank Leader McConnell for recognizing the importance of opening up this program to farmers and ranchers.”

Source: Agri-Marketing