Paycheck Protection Program (PPP) 2.0 (2021 version of PPP program, contact your bank now!)

SBA Forgivable loan made through local banks to help businesses keep their workforce employed during COVID-19. Allows for “First Draw” PPP Forgivable Loans for first time borrowers as well as “Second Draw” PPP Forgivable Loans for businesses that received a PPP Loan previously. 

Timing:  Program ends when allocated money runs out or no later than March 31, 2021 

Eligibility for "Second Draw": In business, as of February 15, 2020, with 300 or less employees for “Second Draw” and that can show a year over year loss of revenue of 25% or more during a Quarter (3 month period) in 2020 versus that same Quarter in 2019. (not all businesses that qualified in 2020 will qualify for this 2nd round “Second Draw” in 2021). Eligibility for “First Draw” businesses that didn’t do a PPP loan in 2020 roughly matches the same rules as the original one in 2020 (500 or less Employees, etc. and uses 2019 for Payroll basis)

Loan Amount:  2.5 times average monthly payroll (3.5 times average monthly payroll for Restaurant and Hospitality Businesses in the 72 NAICS code for “Food Services and Accommodation”).  Forgivable amounts must have at least 60% of expenses for Payroll.  2021 PPP 2.0 does not deduct out EIDL Advance $’s received from the Forgivable amount like the 2020 PPP program version did.

PPP 2.0 SBA Overall Guidance (Jan 2021): Click here  

PPP 2.0 “Second Draw” SBA Interim Rule Guidance (Jan 2021): Click here 

PPP 2.0 SBA Presentation & FAQ: Click here (First video under "COVID: Special Grants, Loans & Topics")

PPP 2.0 Borrower Application: Click here

PPP Original 2020 version Program & Forgiveness Information

SBA Economic Injury Disaster Loan (EIDL with up to 10K Advance)

2021 Update:  While the EIDL Loan is still available, the $10k forgivable Advance portion is opening back up for low income communities only (more info on low income community $10k Advance will be updated when SBA finalizes the process).  For those businesses that applied for, but did not receive the full $10k Advance in 2020, the business will automatically receive the additional $ amount they were short of the $10k Advance (Example:  Business A received $3k of the $10k Advance in 2020, Business A will now be eligible to receive the additional $7k in 2021. The process for how/when this additional money will be paid is tbd – but, the expectation is that the payment will be automatic without any additional action on your part required). ​

Program: SBA Economic Injury Disaster Loan (EIDL) via the SBA (not through a Bank) with a 30-year fixed-term. For a step by step walkthrough, with EIDL application screenshots, please visit Kansas SBDC Video Training Library and click on the "COVID" category, and then select the "4/2/20 Disaster Loan Training" video. 
Apply for EIDL

SBA Express Bridge Loan Program

Up to $25k loan through existing bank relationship with SBA participating lender. Primary use is working capital while you await long-term financing (usually paired with EIDL when $$
's are needed quicker).



SBA Debt Relief Program Extended (6 months of FREE payments made on your behalf):

2020 Program:  If you had, by Sept 27, 2020, an SBA 7(a), 504, or Microloan, the SBA will make the next 6 months of payments for you (you do not have to pay those 6 months back). Speak to your SBA Lender about this now to ensure you get this benefit and direct payments aren’t/weren't being taken out of your bank account during this time. 


2021 Program: Existing SBA Debt Relief Program loans from the 2020 program get an additional 3 months of FREE payments (capped at $9k per month per borrower) made on your behalf and possibly 5 more additional months if Business Loan meets certain additional criteria.  Additional 5 months in addition to the 3 months extension eligibility: SBA MicroLoans; Community Advantage 7a Loans; Hardest Hit Sectors represented by “Food Service & Accommodation”, “Arts, Entertainment and Recreation”, “Education”, “Laundry and Personal Care services”.  

NEW SBA Loans approved between Feb 1, 2021 and Sept 30, 2021 (includes SBA 7(a), 504, or Microloan), the SBA will make the next 6 months of payments for you (up to $9k per month & you do not have to pay those 6 months back). Speak to your SBA Lender about this now to ensure you get this benefit and direct payments aren’t/weren't being taken out of your bank account during this time. 


EXISTING LOANS:  Talk to your lender about loan modifications available due to the Coronavirus. Many banks are making no-cost modifications available if you ask (Ex: Interest-only payments for a few months, months of payments pushed off to the end of the loan, etc.). Your Lender does not want to see you go out of business, contact them now!

LOCAL SUPPORT:  Check with your local town/county for additional programs they may offer.


2021 Extension Provides up to $300 per week thru March 14, 2021 for an extended 50 weeks of benefits (vs $600 for 39 weeks during 2020) to the traditionally non-eligible self-employed (Sole Proprietors/ Independent Contractors, Gig Workers, etc). Kansans may file for Pandemic Unemployment Assistance (PUA) (apply here). More Info about the program can be found here.

Reimbursements for FFCRA FMLA Paid Sick Leave; Paid Child Care Leave; up to $5K per Employee Retention Credit (Employee Retention Credit cannot be combined with PPP Loan) 


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