Connecticut District Office Newsletter - April, 2020

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Connecticut District Office  - April 2020

u s small business administration

Paycheck Protection Program: Connecticut Approved Loans and Dollars


covid

On April 3, 2020 SBA approved lenders were able to start processing loan applications under the Paycheck Protection Program (PPP).  The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive these loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

As of April 13, 2020 more than 1 million loans have been approved nationally for a total of almost $248 billion.

In Connecticut, 11,930 loans have been approved resulting in the appropriation of more than $2.9 billion.

For more information on the SBA's PPP please visit: sba.gov/coronavirus

 

Industry by NAICS Subsector

naics

COVID-19: Loan Resources


Did you know that SBA provides low-interest disaster loans to homeowners, renters and businesses?

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

                                 Paycheck Protection Program                  Full EIDL Loan

PURPOSE

Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)

To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)

TERMS

Up to $10 million

1% interest rate

Up to $2 million

3.75% for businesses

2.75% for non-profits

FORGIVABLE

YES

NO – EIDL Loan

YES – EIDL Advance

MATURITY

2 years

30 years

FIRST PAYMENT DUE

Deferred 6 months

Deferred 1 year

To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.

Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance or email us at Connecticut_DO@sba.gov and/or SBA's resource partners SCORE, SBDC, and any one of our four Women Business Centers at https://www.sba.gov/local-assistance and our SBA Guaranteed Lenders.


ctsbdc

 

The Connecticut Small Business Development Center is here to help.... 

Request expert assistance at no cost to complete your COVID19 SBA Economic Injury Loan application.

To meet with a business advisor, you must complete a secure, short assessment. This assessment will help us better understand your needs so we can connect you with the appropriate business advisor and services. In addition, you must submit a draft business plan.

All clients, their business, and related information are kept strictly confidential. We will not sell or provide your information to anyone without your permission.

Choose the stage of development that best describes you below to get started.

https://ctsbdc.com/request-advising/


wbdc

WBDC has the tools and resources to support your business during this time.  We can help you navigate the changes and guide you in making the best decisions for your business.

  • ACCESS ECONOMIC IMPACT LOANS AND GRANTS
  • FIND LATEST NEWS FROM STATE GOVERNMENT
  • GAIN STRENGTH IN COMMUNITY
  • MEET WITH A WBDC EXPERT
  • ACCESS TIPS & ADVICE FOR BUSINESS OWNERS
  • GROW YOUR KNOWLEDGE WITH VIRTUAL LEARNING

Visit our website for a complete listing of webinars, town hall meetings and to schedule a virtual counseling appointment. Follow on Twitter @CTWBDC

https://ctwbdc.org/covid-19-resources/


Entrepreneurial Center/Women's Business Center

wbc

Need help addressing the pandemic? Click here: https://shorturl.at/fin for a list of resources. Note that our service policies may differ from the general university during this crisis. Until further notice:

  • Workshops are being offered as online webinars. If you are registered for a workshop, you will receive an email with details.
  • Business advising will be offered as virtual appointments (e.g. Skype), phone conferences, or face-to-face when appropriate.
  • Please email entrectr@hartford.edu with questions.

 


score live webinars

SBA resource partner, SCORE has six chapters in our State of Connecticut with over 300 mentors and is committed to helping businesses through the unprecedented challenges from the coronavirus outbreak. Please visit the Coronavirus Small Business Resrouce Hub for COVID-19 business assistance and information on SBA Disaster loans and the CARES Act. Please visit our Coronavirus Small Business Resource Hub for COVID-19 business assistance and information on SBA loans and the CARES Act.

Reach out to a mentor for more info. or to schedule a virtual counseling session: https://www.score.org/

 


twitter

Follow us on Twitter!

 

@SBA_Connecticut

@SBA_NewEngland

 


howarewedoing