Business buzz

Chad Frey
The Kansan

Kelly issues executive order waiving waiting week for benefits

TOPEKA — Gov. Laura Kelly recently announced that she has signed Executive Order #20-71, providing temporarily relief from the waiting week requirement for Kansans applying for unemployment benefits.

“Kansans who have a lost their jobs as a result of COVID-19 cannot afford to wait a week to receive the unemployment benefits they need to make rent payments or feed their families,” Kelly said. “This executive order will be crucial in our state’s ongoing response to the pandemic and to ensuring unemployed Kansans can access their benefits as soon as possible.”

The “waiting week” is a required non-payable week that typically needs to be served on new benefit years. E.O. #20-71 temporarily waives the waiting week requirement for all claimants. For states that have temporarily waived the waiting week requirement, Congress will federally fund 50% of the first week of compensable regular unemployment until March 14, 2021.   

The order is currently in effect and remains in force until rescinded or until the current statewide state of disaster emergency expires, whichever is earlier.

SBA extends COVID-19 disaster loan deadline 

WASHINGTON — The U.S. Small Business Administration today announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted on Dec. 27 by President Donald Trump.

To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, nonprofits and agricultural businesses make it through this challenging time. 

“Following the President’s declaration of the COVID-19 Pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” administrator Jovita Carranza said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit are encouraged to apply to get the resources they need.