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State launching Connecticut CARES Small Business Grant Program

Posted on October 21, 2020 by admin


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The state is launching the Connecticut CARES Small Business Grant Program to assist small businesses and nonprofits impacted by the economic downturn caused by the global COVID-19 pandemic.

The program will provide businesses and nonprofits in Connecticut that have fewer than twenty employees or a 2019 payroll of less than $1.5 million with a one-time grant of $5,000.

Funding for the program will come from the state’s Coronavirus Relief Fund, which utilizes federal CARES Act funding. The $50 million program will be administered by the Connecticut Department of Economic and Community Development (DECD), and grants can be used for payroll, rent, utilities, inventory, purchase of machinery or equipment, or costs associated with compliance of the ongoing Reopen Connecticut Business Sector Rules.

DECD estimates it will begin accepting online applications the week of November 9, and all of the funds are anticipated to be disbursed by December 30.

FUNDING PRIORITIES

  • $25 million to businesses/nonprofits located in the state’s distressed municipalities
  • $25 million to businesses/nonprofits located outside of the state’s distressed municipalities
  • Applicants will only be allowed a single grant regardless of multiple locations

Information on eligibility requirements, upcoming webinars, and other aspects of the program will be published on the state’s business portal at business.ct.gov.

The state’s previous program to support businesses through the COVID-19 pandemic, the Connecticut Recovery Bridge Loan program, provided $41.8 million in loans to 2,122 companies across Connecticut. Similar to how that program was administered, DECD will partner with SoFi, whose advanced technology capabilities will help process the grant applications and distribution of funds in a timely fashion. SoFi, which has over one million members, is providing these third-party services pro bono to support Connecticut and this important COVID-19 relief program as part of its larger mission to help people achieve financial independence to realize their ambitions.