Greater Wichita Partnership > Data & Resources > COVID-19 Financial Resources
The Federal and State Governments have initiated a variety of resources, financial assistance and programs to assist individuals and businesses impacted by COVID-19.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently enacted into law with $350B in dedicated funds to help small businesses keep workers employed amid the pandemic. Since that time, funds dedicated to the Paycheck Protection Program and the Economic Injury and Disaster Loans have been depleted. Now, the Federal Government has passed additional funding measures, totaling $484B. Implementation is set to begin as early as next week. Specific updates to the extension include:
- The Kansas Department of Commerce published applications for the SPARK Economic Development and Connectivity coronavirus relief grants. These funds, which were secured by The Strengthening People and Revitalizing Kansas (SPARK) Task Force, will provide more than $130M in relief funding for economic development and connectivity in the state. These funds will be awarded in the form of grants to eligible businesses. Applications for the grants opened on August 19 and funds for the grants are expected to deplete quickly. We encourage businesses to apply for all grants that apply to their business as soon as possible.
Visit kansascommerce.gov/covidrelief to learn more or read the list of Frequently Asked Questions. Connect with the Kansas Department of Commerce for further information by sending your questions via online chat at kansascommerce.gov or by emailing BackToBusiness@ks.gov.
- $9.3M in business-focused CARES funding to be designed to Sedgwick County businesses
- The State has designated $9.3 million from CARES Act funds to Sedgwick County. In July, the County asked businesses affected by COVID-19 to provide information in a needs assessment survey. The County is currently reviewing that information to determine how to best utilize the $9.3M received from the State to support businesses.
- With the feedback provided through the business needs assessment, the County approved an additional $5M in safe-operating grants from CARES Act funds in August. These funds will be made available in amounts up to $5,000 to Sedgwick County businesses who have experienced business interruptions due to the COVID-19 pandemic. Applications are open on the County website and are available until Oct. 7, 2020.
- $320B extension of the Paycheck Protection Program (PPP)
- A dedicated amount of the new funds ($60B) are earmarked for PPP loans from smaller banks to reach more small and minority-owned businesses, particularly in underserved communities and rural areas.
- $60B extension of Economic Injury and Disaster Loans (EIDL)
- Includes an additional $50B for low-interest loans and $10B in grants through the U.S. Small Business Administration, with a new inclusion for agricultural enterprises.
- $100B in new funding for Public Health and Social Services Emergency Fund
- $75B for healthcare providers and hospital aid to cover expenses or lost revenues due to COVID-19.
- $25B to expand testing (including research, development, validate, manufacture, purchase, administer and/or expand capacity).
Key information on the Paycheck Protection Program (PPP)
- Small businesses and 501(c)(3)s with fewer than 500 employees can apply.
- Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
- Borrowers are eligible to have their loans forgiven or reduced if they maintain payrolls during the crisis or restore their payrolls before review period.
Act now to apply
- Determine if you qualify
- Contact your lender today
- Loans can be obtained through SBA approved local banks – many of the local banks in our region are approved. Contact your lender today about the program.
Additional resources for businesses are available through the CARES Act
Download a pdf guide from the U.S. Senate to learn more about the below programs.
- Emergency Economic Injury Grant: A quick infusion of a smaller amount of cash to cover you right now.
- Small Business Debt Relief Program: Ease your fears about maintaining payments on your current SBA loan.
- Small Business Tax Provisions: employers can receive payroll tax credits and deferral of employer portion of payroll taxes.
SBA Economic Injury Disaster Loan Program
Businesses across the nation are experiencing a dip in revenues or other economic impacts (supply chain costs, etc.) caused by the COVID-19 disruption. The Federal Government has authorized the U.S. Small Business Administration to provide low-interest loans directly to small business through a new program titled the Economic Injury Disaster Loans, in order for these companies to stay operational during the crisis. These low-interest loans will help alleviate economic injury for small businesses and can assist companies in staying operational during the crisis.
- Loans are available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
- The program provides up to $2 million for fixed debts, payroll, accounts payable, commercial loans payments and other bills that can’t be paid because of the disaster’s impact.
- The interest rate is 3.75% for small businesses and 2.75% for non-profits.
Businesses can begin applying for disaster loan assistance through the SBA at https://disasterloan.sba.gov/ela.
Questions? Please contact the SBA disaster assistance customer service at 1-800-659-2955 or e-mail firstname.lastname@example.org.
Kansas Department of Commerce Live Chat
To answer any questions related to the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program, the Kansas Department of Commerce has created a live chat page. The live chat is available Monday-Friday from 9 a.m. - 4 p.m. View online chat webpage.
Community Development Block Grant Program
Expedited process for $6.3 million in Community Development Block Programs
The State of Kansas has streamlined the application process for Community Development Block Programs. These economic development grants to cities or counties are loaned to provide gap financing for private businesses that create or retain permanent jobs. Previously, the review and public notice process took 30 days before loans could be issued. Now, the Department of Commerce can provide certification with 24 hours and communities can issue working capital loans to businesses in as little as two days. Learn more.
Additional funding secured to support community responses
More than $9M in federal funding has been secured for the State’s Community Development Block Grant program to support community responses to the COVID-19 pandemic. The grants, made available to Kansas counties and communities in two categories – economic development and meal programs – will be administered by the Kansas Department of Commerce. The economic development grants will be given to communities to help local businesses and organizations retain low-to-moderate income jobs.
Applications for the grants opened Tuesday, May 12 and can be submitted here. Funds will be awarded on a first-come, first-served basis. View news release. Learn more.