small business

State Program Offering Some Relief for Small Businesses

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The state is taking steps to help small businesses struggling through the coronavirus pandemic.

At a Virtual Town Hall Thursday, Gov. Ned Lamont announced $25 million in state allocations to provide bridge loans to Connecticut businesses and non-profits that have 100 or fewer employees. Loan amounts given by the Connecticut Recovery Bridge Loan Program will be the lesser of either three months in operating expenses, or $75,000.

“This program is a running head start before the federal program takes place,” Lamont said.

To be considered, the business or nonprofit will need to show that before March 10 the business was turning a profit and bringing in revenue, with no adverse personal credit reports 60 days past due for the past six months.

 The company must be in good standing with the Department of Revenue Services.

Small businesses can apply to both the federal and state programs to receive as much help as possible.

Those who are self-employed and file 1099s can apply for disaster relief.

Additionally, the self-employed will be able to receive unemployment insurance. The temporary lift on rules will be in effect through December 31, 2020. It is for gig workers, the self-employed, or workers otherwise excluded from receiving unemployment insurance.

Companies involved in real estate, multi-level marketing, adult entertainment, cannabis and firearms are not eligible for the loan program.

The Department of Economic Community Development said as of Thursday that 2,800 have applied for the program. Officials also noted that 148,000 have applied for unemployment in the past two weeks.

For details on how to apply, click here.

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