Financial Assistance - For Businesses
Connecticut Recovery Bridge Loan Program: Connecticut businesses with less than 100 employees impacted by COVID-19 may apply for a one-year, no-interest loan of up to $75,000 through the Department of Economic and Community Development (DECD). For more information and to apply, click here.
Federal Disaster Assistance Loans: The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable. Terms are determined on a case-by-case basis. To apply, visit www.sba.gov/disaster or call the SBA at 1-800-659-2955.
CARES Act & Paycheck Protection Program (PPP) Loans: Part of the CARES Act, the PPP can provide direct cash flow, through federally guaranteed loans, to employers who maintain their payroll during the pandemic. If employers maintain their payroll, the loans will be forgiven. The program can be retroactive to February 15, 2020 in order to bring workers back onto payroll who may have already been laid off. Smalls businesses, non-profits, and other veteran and Tribal organizations are eligible. Borrowers may apply for PPP loans as well as other SBA assistance, as long as they do not use the PPP loan for the same purpose as the other SBA loans. Businesses can apply for a PPP loan through any existing SBA lender. For more information about PPP and other SBA assistance, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options. Small businesses can also access a comprehensive guide to the CARES Act here.
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