Small businesses effected by the Coronavirus can continue to apply for loan programs to help alleviate some of the problems they're facing that have been caused by the closures with Covid-19.

 

The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) have once again opened back up as of Monday morning for those small businesses who are in need of funding.

 

Executive Director of the Montgomery County Action Council, Trisha Purdon says that those businesses who submitted applications but didn't receive a loan number will have the opportunity starting Monday to receive funding.

 

If you didn't get a loan approval number than you should check in with your bank and make sure you're in the queue and ready to go but if your banker says they're submitting than you should be good to go.

Purdon adds that our sole proprietors were hurt after the first round of funding ran out but with everything opening back up its a good opportunity to get them the help they need.

 

The Economic Injury Disaster Loan is different from the Paycheck Protection Program as its a typical small business loan except it is for six months of your operating expenses compared to the PPP which is for two months.

 

Purdon provides examples to how the EIDH is different than the PPP. 

 

Its a 30-year term at 3.75% interest is a hard loan to get even if there wasn't a crisis. You can apply for the EIDL which is directly through the SBA and a PPP. You just can't count your payroll, mortgage interest and utilities that you put on the PPP in your EIDL.

 

Despite some of the banks being considered regional, there was plenty of success and money given out to the southeast Kansas region.

 

You can find out more information regarding the loan programs on the Montgomery County Action Council's website or you can call 620-331-3830.