CT Urges Businesses To Get Their Slice Of Federal Relief Pie

Rich Kirby

CONNECTICUT — The state Department of Economic and Community Development is urging businesses to apply for the latest round of Paycheck Protection Program funding.

The $284 billion in PPP loans from the federal government is part of a $325 billion package targeting small businesses. All the new funding was included in a $2.3 trillion coronavirus relief package signed by President Donald Trump on Sunday.

Other provisions in the deal include direct payment checks of up to $600 per adult and child, enhanced unemployment insurance benefits of $300 per week, extension of the eviction moratorium and $25 billion for rental assistance, and extension of the tax credit for employers offering paid sick leave.

"The new round of PPP funding provides a great opportunity for companies that did not receive a forgivable PPP loan earlier this year," said DECD Commissioner David Lehman. "It also allows businesses with 300 or few employees that experienced more than 30 percent revenue loss in any quarter in 2020 to secure a second forgivable PPP loan."

The PPP will continue to be managed by the U.S. Small Business Administration, and loans will once again be secured through an SBA-approved bank, credit union or fintech. A list of participating lenders is available here.

"I recommend you begin working with an approved lender now as there could be high demand for this program," Lehman said. "For those companies applying for a second PPP loan, working with the same financial institution could speed up the application process for your business."

Residents may register online for multiple webinars hosted by the Connecticut Small Business Development Center to help them understand what information is needed to apply for a PPP loan.

To date, Connecticut companies and nonprofits have secured almost 65,000 PPP loans worth approximately $6.7 billion, according to Lehman.

This article originally appeared on the Across Connecticut Patch