The key when it comes to Connecticut small businesses getting certain kinds of financial relief during the coronavirus pandemic is, they must ask for it.
State leaders have worked hard during the coronavirus pandemic to make sure banks and insurance companies grant small businesses something called “forbearance” from mortgages and insurance premiums.
State Rep. Tom Delnicki, a ranking member of the legislature’s banking committee, explained “…you’re pausing the payment, you are not affecting your credit rating, and what’s happening is, you put the payments that you have paused on, at the tail end.”
Delnicki said lenders are not required to grant forbearance to small businesses, but are expected to be flexible.
He added, “…if they’re not receptive, I’d like to know about it.”
Gov. Ned Lamont issued an executive order April 1 that requires insurance companies to give small businesses a 60 day grace period for many of their policies.
The key has been when it comes to Connecticut small businesses getting certain kinds of financial relief, is they must specifically ask for forbearance.
As of last week, Delnicki said roughly 1000 Connecticut businesses got their financial institutions to give them some form of forbearance.