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 Paycheck Protection Program Flexibility Act of 2020 was just signed into law.
Please refer to the text for details: legislation
- 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.
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.
In addition, the following programs and resources are designed to help Connecticut businesses:
To donate to meet a COVID-19 need here in Connecticut, go to 4-CT.org.
State Programs & Resources
- Mask Request for Connecticut Essential Small Businesses
- State of Connecticut updated safe workplace rules for essential employers
- COVID-19 Dashboard for Connecticut
- Extension of state business tax filings
- Deferral of sales tax and room occupancy tax payments
- Deferral of mortgage payments
- Deferral of insurance premium payments
- Shared Work unemployment program
- Manufacturing Innovation Fund grants for manufacture of medical equipment and supplies.
- HEDCO line of credit
- Deferral of rent payments
- Manufacturers Healthcare Supplies Assistance
- DRS Collections Relief
Federal Programs & Resources
- Expanded COVID-19 Business Relief Programs: PPP and EIDL
- U.S. Chamber Foundation: Save Small Business Fund
- U.S. Small Business Administration emergency loans
- Available tax credits and deferral of payroll taxes
- Main Street Lending Program
For additional guidance:
- See Governor Lamont's updates.
- Go to business resources for information on sustaining business operations during the COVID-19 emergency.
- Call or email the CT Department of Economic and Community Development at 860-500-2333 (Small Business Hotline) or email to firstname.lastname@example.org.