Below is the most recent update on the Economic Injury Disaster Loans and the Paycheck Protection Plan. We will continue to update the Stimulus Plan as the guidance is published. Additionally, scroll down to see information for manufacturing and faith based organizations.
Helpful Links For Your Business
Economic Injury Disaster Loan program (EIDL)
Yesterday, the U.S. Senate passed a $480B spending bill that expands COVID 19 business relief programs. The latest round of federal funding will include an additional $310B for the Paycheck Protection Program (PPP) and $60B for Economic Injury Disaster Loans (EIDL), including $10B in grants. We expect final passage today. We'll keep you updated as information becomes available. Check back often for updates.
EIDL is a low-interest, working-capital loan for small businesses affected by COVID19. The loan provides temporary relief up to $2 million to assist qualifying businesses and private nonprofits in meeting their obligations. The first $10,000 can be obtained as an advance.As part of the CARES Act, the Congress created the new Employee Retention Tax Credit.It represents a 50% tax credit for the first $10,000 of compensation, including the employer portion of health benefits, for each eligible employee.• Compensation does not include paid sick or family leave for which the employer is reimbursed under the Families First Coronavirus Response Act• The credit only applies to wages paid after March 12, 2020 and before January 1, 2021
Paycheck Protection Program (PPP)The U.S. Congress approved an additional $310B in funding, which will be available soon. These loans are available on a first-come, first-serve basis and the proceeds of the Paycheck Protection Program aren’t expected to last long. Talk with your local bank soon.The Small Business Administration (SBA) issued updated FAQs for the PPP loans.In addition, there are a few updates to the PPP:Expanded list of authorized lenders to include small community banks & fintech has been added to the SBA website. Check here for a full list of available lenders.In addition, funding is available for businesses in the agricultural sector.• A top-line overview of the program can be found here.• If you’re a lender, more information can be found here.• If you’re a borrower, more information can be found here.The application for borrowers can be found here.FOR PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS:We encourage you to apply as quickly as you can.
Faith Based Organizations
Frequently Asked Questions for EIDL & PPP
US Chamber - Save Small Business Initiative
The US Chamber of Commerce announced their Save Small Business initiative (3-20 employees), offering 5,000 grants for small businesses who have been hit hard by COVID 19 and are located in these specific zip codes - 06508 and 06509. Find further information here.
SBA Bridge LoansThese loans authorize SBA Express Lenders (banks and nonprofit lenders) to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses while those small businesses apply for and await long-term financing (including through SBA’s direct Disaster Loan Program, if eligible).
The State announced a $1.3 million dollar fund for Connecticut manufacturers.
Companies may apply for grants of up to $75,000 to assist in the production of critical equipment and supplies needed to respond to the COVID-19 emergency. The grants, offered through the state’s Manufacturing Innovation Fund Voucher Program, can be used for working capital, new equipment and other purposes that help companies build capacity or repurpose their operations.
Connecticut State Resources
Frequently Asked Questions
Open For Business - Rules & Information for Proctective MeasuresThe State Department of Economic and Community Development last night made significant revisions to mandatory rules outlining additional protective measures that every workplace in Connecticut deemed essential—and any other business or nonprofit allowed to remain open—must follow. As of Monday, April 20, all employees must wear a face mask or face cloth covering at all times in the workplace.
Personal Protective Equipment (PPE) Vendors
Connecticut ReopeningGovernor Ned Lamont's administration has released documents detailing specific rules that eligible businesses falling under phase 1 of Connecticut’s reopening plans must follow amid the ongoing COVID-19 pandemic. The first phase – which includes restaurants; offices; hair salons and barbershops; retail stores; and outdoor museums and zoos – is currently planned to take effect beginning May 20. The protocols for reopening were developed by Governor Lamont, members of his office, and the Department of Economic and Community Development, in consultation with legislators and recommendations made by the Reopen Connecticut Advisory Group, which consists of several of the state’s leading medical experts and representatives of several business and industry groups.