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COVID-19 Resources

 

Paycheck Protection Program Has Reopened

As of July 4th, the deadline for applying for a Paycheck Protection Program loan was extended until August 8, 2020. Approximately $130B in stimulus funds are still available under PPP and DECD is encouraging small businesses to review their forgivable loan needs.

The SBA website has more information, as well as a tool to help you connect with lenders still issuing PPP loans.


The Paycheck Protection Program Flexibility Act of 2020 was just signed into law.

Please refer to the text for details:  legislation

Some highlights:

  • Small businesses have more time to use their loans (24 instead of 8 weeks)
  • Amount of the loan that must be used for payroll decreased (from 75% to 60%)
  • Borrowers have more time to restore workforce and wages (until 12/31 instead of 6/30)Increases the time for repayment (from 2 years to 5 years)
  • Paycheck Protection Program loans are still available. The SBA website has information, including a tool to identify lenders issuing PPP loans.

Connecticut Business Owner & Worker Sentiment Surveys

As part of the reopening process, AdvanceCT sought feedback from the Connecticut small business community - including business owners and workers.  The Small Business Reopening Survey identified pain points, and the Worker Sentiment Survey gathered insights into concerns about going back to work.  The surveys were open from April 29 through May 12, 2020 and the results are available below.

SMALL BUSINESS REOPENING SURVEY

WORKER SENTIMENT SURVEY


At the start of the COVID-19 public health crisis, AdvanceCT, in partnership with DECD and CBIA, conducted two surveys to gather feedback, and provide guidance to the state and policymakers regarding how Connecticut businesses were impacted by the COVID-19 crisis, and how to prioritize recovery initiatives. Results can be found below. 

COVID-19 Phase II Business Impact Survey Results

COVID-19 Business Impact Survey Results


In addition, the following programs and resources are designed to help Connecticut businesses:  

For the latest information, resources, and guidance related to coronavirus (COVID-19), visit https://www.coronavirus.gov/ or ct.gov/coronavirus or call 2-1-1 or text CTCOVID to 898211. 

To donate to meet a COVID-19 need here in Connecticut, go to 4-CT.org.

State Programs & Resources
Federal Programs & Resources
For additional guidance: