COVID-19 Update – Resources for Businesses

Last week, the federal government enacted a new stimulus package that includes added funding for the Paycheck Protection Program (PPP) to provide direct loans to struggling small businesses during the COVID-19 outbreak. The Small Business Administration (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. The program resumed yesterday, April 27.

From Mitch: “This and other federal or state programs can frustrate you with long waits and unexplained determinations. PLEASE, if you’re a small business and do not have a full staff of financial experts guiding you, find someone who can navigate questions you’re not comfortable answering. Your lender does this for a living. You can also consult your accountant, business lawyer or Chamber of Commerce, or reach out to CBIA. The guidance you get may make a difference in your approval, and prevent costly errors that are hard to correct.”

Interested businesses can apply for PPP loans through their participating bank, credit union, or Farm Credit System institution. For a complete list of lenders, please click here.

For additional information on PPP loans and eligibility requirements, please click here. Also, you may click here for the SBA’s lender and business PPP frequently asked questions document.

Please Note: With the first round of PPP loans, businesses were able to apply for an Economic Injury Disaster Loan (EIDL), which provides emergency loan advances to struggling businesses, concurrently. Due to a lapse in funding, the SBA is no longer accepting new applications for EIDL. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

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Local Resources for Businesses

From John Voket and our hometown newspaper, The Newtown Bee

A reminder: Our beloved Newtown Bee is covering COVID-19 and other local issues as only they can – while social-distancing. While paper editions may be 4 to 6 weeks away from returning, you can still buzz at www.thebee.com.

Newtown Emergency Management notified The Newtown Bee that it’s taking the lead in connecting local businesses to state distributions of protective masks. The state is partnering with the Connecticut Business and Industry Association (CBIA) and its affiliate CONNSTEP to distribute free face coverings to eligible, essential small businesses with fewer than 50 employees.

Eligible businesses include those defined as essential businesses by the Department of Economic and Community Development.

Eligible essential small businesses can request two free face coverings per employee at www.ctcovidresponse.org/request-masks-for-ct-small-business. Newtown Emergency Management will then contact businesses with a date, time, and location to receive the requested masks. Masks will be distributed next week and continue while supplies last.

Governor Lamont said: “The more proactive measures we can take to prevent the spread of this virus and keep everyone healthy, the sooner we’ll be able to reopen operations. We were able to secure over 4 million masks this week to replenish our supplies and position us to support small businesses. I appreciate our partners at CBIA and CONNSTEP for partnering with us on this effort.”

Lamont has said, with a growing number of new, fast, mass testing solutions being added by the state and its partners, a slow move toward reopening will be rolling out with a careful, phased approach.

For John Voket’s complete Newtown Bee article, give a click here.

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More from The Bee…Added SNAP & Resources

[Governor Ned] Lamont announced that the State received federal approval Friday for its plan to provide $72.3 million in the Supplemental Nutrition Assistance Program (SNAP) to children eligible for the free and reduced-price meals program. Authorized by the Families First Coronavirus Response Act, the new Pandemic Electronic Benefits Transfer (P-EBT) program is expected to bring food benefits to about 270,000 Connecticut children who are not able to receive meals at school.

The planned benefit is $267.90 per child enrolled in the free and reduced-price meals program will be deposited in EBT accounts beginning in mid-May. Families do not need to apply for these benefits. Additional benefits may be provided if school closures extend beyond May 20. Further information will be posted as it becomes available at www.ct.gov/snap.