Coronavirus: Rapid Funds Available Now For Businesses In 35 Kansas Communities
March 30, 2020
Foulston has produced a series of issue alerts as we continue to monitor the evolving COVID-19 situation and provide additional guidance. Please find all updates and our latest resources available here.
A business harmed by the COVID-19 pandemic and that is operating in one of 35 Kansas mid-sized or rural counties and cities could receive funds within days through a Kansas Department of Commerce (KDOC) program. KDOC has identified $6.3 million of funds allocated to specific communities across the state, which can be used to save jobs in those communities. The amount of funds available varies by community and may be awarded as grants or loans. If located within one of the 35 cities or counties, businesses may apply for the funds by completing the four steps outlined below.
Further information is available by connecting with the pertinent community contact listed online: Local Contacts for These 35 Communities; and viewing the KDOC program online page here. If your business qualifies for these funds and would like legal assistance with your funding agreement, Foulston offers that assistance at a fixed fee to help our Kansas businesses outlast the pandemic. I can be reached at email@example.com or 316.291.9767.
Four Steps to Qualify for Funds:
Business operates in one of the 35 counties and cities listed here.
Business will use the funds for working capital.
Business will use the funds to save certain jobs, and at least 51% of the jobs saved must be low-to-moderate income (LMI) jobs in that community. The business will work with the specific community and KDOC to verify meeting this step (which can include part-time positions).
Example #1: Business Y employs 20 people but due to the pandemic, forecasts that five positions likely will be eliminated. The program funds will allow Business Y to avoid losing those five jobs, and at least three of those five positions are LMI jobs.
Example #2: Business X regularly employs 10 people, but due to the pandemic, Business X eliminated five positions. The program funds will allow Business X to re-hire those five positions to return to employing 10 people, and at least three of those five re-hired are LMI positions.
The county or city will determine if funds remain available through this program at the time of the business’s request, and if so, whether the business qualifies to receive funds. In the county’s or city’s discretion, funds may be available as a grant, as a forgivable or interest-free loan, or as a loan accruing annual interest not exceeding 4%. Loans must be repaid within three years. All additional funding repayment and other terms of the funding agreement with the business will be decided by the county or city. Each community will decide the pace of completing a business’s application and funding decision, and funding documentation, but KDOC streamlined its process to accommodate a community funding in as quick as two days.
35 Cities and Counties with Available Funds:
- Barton County
- Brown County
- Decatur County
- Dodge City
- Edwards County
- Finney County
- Ford County
- Fort Scott
- Garden City
- Great Bend
- Hamilton County
- Hodgeman County
- Labette County
- Meade County
- Montgomery County
- Nemaha County
- Neosho County
- Pawnee County
- Pratt County
- Rooks County
- Rush County
- Scott County
- Sheridan County
- Sherman County
- Stanton County
- Thomas County
For More Information
The rapid pace of COVID-19 developments means information shared could quickly become outdated.
If you have questions or want more information regarding the KDOC funds and how to apply, contact your legal counsel. If you do not have regular counsel for such matters, Foulston Siefkin LLP would welcome the opportunity to work with you to meet your specific business needs. For more information, contact Trish Voth at 316.291.9767 or firstname.lastname@example.org. For more information on the firm, please visit our website at www.foulston.com.
Established in 1919, Foulston Siefkin is the largest law firm in Kansas. With offices in Wichita, Kansas City, and Topeka, Foulston provides a full range of legal services to clients in the areas of administrative & regulatory; antitrust & trade regulation; appellate law; banking & financial services; business & corporate; construction; creditors’ rights & bankruptcy; e-commerce; education & public entity; elder law; emerging small business; employee benefits & ERISA; employment & labor; energy; environmental; ERISA litigation; estate planning & probate; family business enterprise; franchise & distribution; government investigations & white collar defense; governmental liability; government relations & public policy; healthcare; immigration; insurance regulatory; intellectual property; litigation & disputes; long-term care; mediation/dispute resolution; mergers & acquisitions; Native American law; oil, gas & minerals; OSHA; privacy & data security; private equity & venture capital; product liability; professional malpractice; real estate; securities & corporate finance; supply chain management; tax exempt organizations; taxation; trade secret & noncompete litigation; water rights; and wind & solar energy.
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This update has been prepared by Foulston Siefkin LLP for informational purposes only. It is not a legal opinion; it does not provide legal advice for any purpose; and it neither creates nor constitutes evidence of an attorney-client relationship