Connecticut District Office June Newsletter - 2020

Having trouble viewing this email? View it as a Web page.

Connecticut District Office  - June 2020

u s small business administration

The Paycheck Protection Program Forgiveness Application and Guidelines are now available

paycheck protection program, ppp

The impact of the coronavirus (COVID-19) crisis has greatly impacted the U.S. economy. The Small Business Administration is working alongside sister agencies like the Department of Treasury, congress and the lending community to support our country's small business community. 

The Paycheck Protection Program was brought to life with the passing of the CARES Act. This small business loan provides much needed capital to keep employees on payroll and small businesses operating. One of the most appealing aspects of this loan program is the incentive to have the loan fully forgiven. 

The Paycheck Protection Program Forgiveness Application, released May 16, 2020, is available online. You can find it here: 

https://www.sba.gov/document/sba-form--paycheck-protection-program-loan-forgiveness-application

The guidance can be found here:https://www.sba.gov/sites/default/files/2020-05/IFR%20Forgivenss%20FINAL.pdf

If you received a PPP loan, you must complete the PPP Forgiveness Application and submit it to your lender. You may begin submitting your forgiveness application beginning July 1, 2020. The application itself is 11 pages. You will also need documentation such as payroll processing records and tax filing statements, non-payroll expenses (electricity, gas, water, transportation, telephone, internet access), PPP loan contract, EIDL contract, and any supporting documents you used when applying for the PPP loan. 

Here are some tips for success:

  • Don't wait, gather all your documents now
  • Create a separate bank account for you PPP loan
  • Document the number of Full Time Employees (FTE) with the hours they worked and pay they received during the 8 week period
  • Stay up to date with any new laws and regulations
  • Have patience
  • Reach out to one of our resource partners for assistance, go to https://www.sba.gov/ct and find one in your area.

WOSB Ready, Women-Owned Small Business Federal Contracting program, Certification changes

SBA Issues New Regulations for Women-Owned Small Business Federal Contracting Program

 The U.S. Small Business Administration published Women-Owned Small Business  Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic.  Starting July 15, 2020, SBA will begin to implement changes consistent with the Small Business Act as amended in the National Defense Authorization Act for Fiscal Year 2015.

Read More

Additional Headlines

SBA Lender Decal

SBA and Treasury Department Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs).  CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.  These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic – a key priority for President Trump. For more information on CDFI's participating in Connecticut contact: william.tierney@sba.gov

 

Call to Action


Business resources for veterans

SBA Announces First Online Veteran-Owned Small Business Entrepreneurial Training Program

The U.S. Small Business Administration recently announced the first online Veteran Entrepreneurial Training and Resource Network Streetwise MBA program to provide virtual training for veteran small business owners and their immediate families beginning in August 2020.

Thanks to the funding of $100,000 from President Donald Trump’s donated salary, this will be the second cohort of the Veteran Owned Small Business Growth Training Pilot Program, following the successful completion of the first cohort in Portsmouth, New Hampshire in March 2020.

The award-winning VETRN Streetwise MBA program, powered by Interise, was created exclusively for veterans to provide them with the skills, resources, mentoring, and networking necessary to grow their own small business. The program is free and open to veterans and family members of established small businesses in all New England States, New York, and New Jersey. To date, 57 VETRN participants have graduated from the program.

The demand for the VETRN program has increased, and the upcoming training will be held virtually. The online program content is designed to help veteran entrepreneurs build operational capacity, increase revenues, manage cash flow, and create sustainable jobs. Addressing the Covid-19 economic impact, VETRN has added classes on crisis management, and training on how to work with lending institutions and other stakeholders when facing financial difficulties. 

The VETRN program is open to veteran-owned businesses (or be a veteran immediate family member), located in New England, New York or New Jersey, have been in operation at least one year, and generate at least $75,000 in annual revenues. Exceptions may be considered on a case by case basis. 

To learn more about the VETRN Streetwise MBA online program, see testimonials and videos, or to apply, visit https://vetrn.org.  Applications may be completed on the VETRN website or by sending an email to info@vetrn.org or lelandg@vetrn.org.


Upcoming Events

local assistance, resource partners, coronavirus, get free virtual counseling, mentoring, and training

SCORE Chapters statewide host Online Trainings:

June 1 - Are you Ready to Rock Your LinkedIn Profile , 3:00pm-4:00pm

June 2 - July 2:  Liberty Bank Academy for Small Business, 6:00pm-8:00pm

June 2 - June 19: Simple Steps to Starting Your Business, 6:00pm-8:00pm

June 2 - Fuel Your Business with LinkedIn, 3:00pm-4:00pm 

To Register

What You Absolutely, Positively Have To Be Doing on LinkedIn Right Now
Tuesday, June 2, 2020 from 12:00 PM to 1:00 PM EDT

10 Principles to Running a Virtual Company Extremely Well
Tuesday, June 2, 2020 from 2:00 PM to 3:00 PM EDT

Simple Ways to Boost Your Productivity While Working Remotely
Tuesday, June 9, 2020 from 1:00 PM to 2:00 PM EDT

Protecting Your Business From Fraud 
Thursday,  June 18, 1:00pm-2:00pm EDT
How Founders Can Innovate and Disrupt the World of Business                  Thursday, June 4, 2020 from 11:00 AM to 12:00 PM EDT    

sbdc

wbc
Leading Confidently in Times of Crisis
Thursday, June 4; 9—10 am
How to Start Your Own Small Business Tuesday, June 9; 10 am—12 pm. 
Wednesday, June 10; 6—8 pm.
Creativity on Demand: How to Always Generate a Great Idea!
Tuesday, June 9; 6—7:30 pm           
Resilience in Challenging Times
Thursday, June 11; 10—11 am
Build Your Better Website
Part 1: June 15; 10 am—12 pm. 
Part 2: June 18; 10 am—12 pm. 
Part 3: June 25; 10 am—12 pm. 
Safety Online: Basics & Best Practices
Part 1: Wednesday, June 17; 10 am—12 pm. 
Part 2: Wednesday, June 24; 10 am—12 pm. 
To view the full calendar of events and to register for any of the above online workshops please visit:

wbdc

June 1:

  • How Personal Finances Drive Business Successes 
  • Monetize Your Passion
  • So You Want to Buy a Business?
  • WBDC Group Support is focusing on re-opening foodservice businesses in CT

June 3:

  • Let's Talk; Profitability in the New Normal

For a complete listing of all classes in June or to schedule an appointment with a Business Mentor:  To Register


rural

USDA Rural Development Business and Industry (B&I) CARES Act Program Webinar - June 3

The USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry CARES Act Program.

The USDA  also will host webinars to provide an overview of program requirements. For more information, please visit https://www.usda.gov/

The USDA also announced details on the Coronavirus Food Assistance Program (CFAP), which will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers who have suffered a 5%-or-greater price decline due to COVID-19 and face additional significant marketing costs as a result of lower demand, surplus production, and disruptions to shipping patterns and the orderly marketing of commodities. 

USDA Rural Development Business and Industry (B&I) CARES Act Program Webinar

Date: Wednesday, June 3rd

Time: 2:00 P.M.

Register: https://globalmeetwebinar.webcasts.com/starthere.jsp?amp=&ei=1324161&tp_key=6067315417&utm_medium=email&utm_source=govdelivery

 


ptac

Connecticut - PTAC hosts upcoming trainings

 

How to Navigate https://beta.sam.gov/

  • Date/Time: Jun 2 @ 11:00 am – 12:00 pm
Responding to Federal Bid Solicitations- Grammar & Writing Strategies to Elevate Your Bid Proposal 
  • Date/Time: Jun 4 @ 11:00 am – 12:00 pm

twitter logo

Are you following us??

Do you want breaking news from our SBA Connecticut District Office?? If so please follow us and get the full story with all the live commentary.! Our Twitter account is @SBA_Connecticut. Thank you in advance for your time!