COVID-19 resource page

U.S. CHAMBER OF COMMERCE CORONAVIRUS EMERGENCY LOANS

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. This is still in the developing stages as of 3/31/2020. Please see the below link for eligibility and parameters;

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

The below link brings you to the 100 most active SBA 7(a) lenders;

https://www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders

 

U.S. SMALL BUSINESS ECONOMIC INJURY DISASTER LOAN (EIDL)

After passage of the most recent coronavirus emergency legislation, the U.S. Small Business Administration has posted the application for an emergency Economic Injury Disaster Loan (EIDL): https://covid19relief.sba.gov/#/.

EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies, as well as principal and interest deferment for up to 4 years.The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. Small businesses, independent contractors, and sole proprietors negatively impacted by COVID-19 can apply.

As part of this emergency legislation, small businesses, independent contractors, and sole proprietors can obtain an advance of up to $10,000. This advance is a grant, which means it doesn't have to be repaid, even if you are later denied an EIDL loan. Under the legislation, the SBA is required to provide this grant within 3 days of application.

 

CONNECTICUT RECOVERY BRIDGE LOAN PROGRAM

 

Gov. Ned Lamont’s Economics Chief David Lehman announced the immediate roll-out of the Connecticut Recovery Bridge Loan Program that will allow Connecticut small businesses hit by the coronavirus crisis to borrow up to $75,000 at no interest. The loans should help businesses continue to operate until they can obtain larger funding amounts through the federal stimulus loan-to-grant program. The Department of Economic and Community Development will oversee the program, and distribute loans through local banks to expedite the process.

 

Eligible businesses must have fewer than 100 employees; must have been profitable prior to March 10, 2020; must not have adverse personal credit reports in the past six months; and be in good standing with the Department of Revenue Services and the DECD. Additionally, the businesses must not be involved in specific industries—real estate, multilevel marketing, adult entertainment, cannabis or firearms. State elected public officials and state employees also are prohibited from applying for the small-business bridge loans.

 

Applications can be submitted on the DECD page for the Connecticut Bridge Loan Program.

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