Economic Injury Disaster Loans (EIDL) provide the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume. EIDL proceeds can be used to cover a wide array of working capital needs and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed debt payments.
As of April 29, 2021, Connecticut businesses have been awarded $2.2 billion in Economic Injury Disaster Loans comprising 36,760 in loans.
For more information see the website; EIDL data. SBA is currently accepting new COVID-19 EIDL applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. If you have already applied via the streamlined application portal, please do not resubmit your application. For more info or to apply: Apply Here
Paycheck Protection Program – (PPP)
Paycheck Protection Program (PPP) loans for Connecticut topped over $3 billion as of 5/2/2021!
Through our lending community Connecticut businesses and entities have received PPP loan approvals totaling $3,136,072,033, comprising 50,530 loans.
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
The statutory deadline for the PPP is May 31, 2021 or before if funding is exhausted. Paycheck Protection Program data and reports can be find here:
Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
This program provides restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023.
Applications opened Monday, May 3, 2021 for any eligible establishments. For more info and to apply click on the link below. Attend any one of our four RRF trainings this week:
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Stay up to-date by following us on Twitter @SBA_Connecticut and visiting us online at www.sba.gov/ct for the most up to-date details about additional economic aid being being administered by the @SBA for small businesses and other eligible organizations as soon as they are determined.
