The Chamber of Commerce of Eastern CT and the Greater Norwich Area Chamber of Commerce have teamed up to offer a virtual forum with Congressman Joe Courtney on Monday, 4/27 at 2 PM. Please feel free to attend and also share this information with your contacts.
Virtual Forum with Congressman Joe Courtney
The Chamber of Commerce of Eastern CT and the Greater Norwich Area Chamber of Commerce invite you to a Zoom meeting with US Congressman Joe Courtney as we discuss the latest developments to the CARES Act, impacts to the region’s business community, and more.
There will be time for questions.
Please register to receive the Zoom/dial-in information.
HEDCO, Inc. has partnered with Governor Lamont, State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide financial relief to minority-owned and women-owned small businesses negatively impacted by the coronavirus pandemic.
Have been conducting business for a minimum of six-months
Terms & Conditions
Line of Credit up to $20,000
0% interest rate
One-year Line of Credit, payable in full 12 months from the date of closing
Working capital Line of Credit
No application fee
Closing fee of $250.00, which can be included in the cash flow projections
The debt is eligible to be forgiven if the company can demonstrate that the funds were used to cover the first 3 months of expenditures due to COVID-19. In order to receive forgiveness, the business must show documentation of expenditures in accordance with your cash flow projections
Dear partners, stakeholders, and Connecticut business owners:
I hope this finds you all weathering this crisis in good health and spirits.
The last time I communicated with you, Connecticut was firmly entrenched in the assessment phase of the COVID-19 crisis. I am pleased to tell you that we are now spending less of our time on assessing the issues and more on plans to reopen and recover.
We are looking to the day when we can reopen our economy in a way that balances commerce and public safety. We are moving closer to a plan to reboot our economy with protocols that safeguard our business owners and citizens. In the coming days, you will hear more from Governor Lamont and Connecticut’s leadership on this subject.
To properly guide our recovery plan, we need information and feedback from Connecticut’s businesses. This information will assist us in prioritizing the protocols and elements of the overall reopening plan. Your participation in the survey below is an important part of the process.
Below you will find a link to a second, follow-up business survey, that we have developed in partnership with DECD and CBIA. Our goal is to provide feedback to the state and policymakers regarding how Connecticut businesses have been impacted by the COVID-19 crisis. By having a “finger on the pulse”, the state can modulate its response, track how businesses have been affected by the pandemic and prioritize recovery initiatives.
The State of Connecticut, DECD, CT Minority Business Initiative and HEDCO, Inc. have partnered to offer the COVID-19 Business Response Program Line of Credit. This program is offered to minority-owned or woman-owned businesses with 20 or less employees that have been negatively impacted by the COVID–19 pandemic. Lines of Credit of up to $20,000 are available.
SeCTer is proud to be a provider of technical assistance to businesses with interest in this program. Annie Chambers, Director of Loan Programs, can answer questions about the program and help businesses apply. Annie can be reached at email@example.com or 860-437-4659. Feel free to contact me, as well.
Is my startup eligible for the Payroll Protection Program in the CARES Act?
We’re a pre-seed venture – do we qualify for assistance?
How do the SBA’s “affiliation” rules affect my application?
These are a few of the hundreds of questions pre-seed, startup and early-stage company leaders have about new federal and state programs created to assist businesses during and after the COVID-19 crisis. You can start to get some answers here.
Connecticut Small Business Development Center & CTNext present
A WEBINAR ON THE CARES ACT
FOR STARTUP AND EARLY-STAGE COMPANIES
The Paycheck Protection Program, part of the recently passed CARES Act, authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis.
What does that mean to you and your business?
While the loan application process officially opened last Friday,
you may still have unanswered questions about the Program and
the best path forward for you and your business.
What’s the difference between EIDL and PPP loans?
If I applied for EIDL, can I still apply for PP?
Are non-profit organizations eligible?
What about sole proprietors?
Which should I do: apply for a PPP loan or file for unemployment?
If you are a non-profit or a small business with
fewer than 50 employees, please join WBDC on Tuesday
for a panel discussion to address your questions.
Our panelists include BJ Bumactao, Webster Bank;
SBA Assistant District Director Moraima Gutierrez;
Human Resources consultant Robin Imbrogno; and
Holly Richardson, PwC.
WBDC CEO Fran Pastore will moderate the discussion and Q&A.
Webinar: CT Department of Labor Updates and FAQs
April 8, 2020 at 1:00 PM
Join us for a helpful webinar provided by the CT Department of Labor. Guest speaker Terry Kowalski, Operations Coordinator, will share insights and answer questions regarding unemployment insurance, paid sick leave, SharedWork, and other DOL programs.
Event Invitation #2:
Webinar: 5 Things you Need to Know about the CARES Act
April 9, 2020 at 12:00 PM
Join Kristi Kelly, Theodore Heiser, and Raymond Barilbeault from Suisman Shapiro as we break down the Coronavirus Aid, Relief and Economic Security (CARES) Act. This presentation will focus on the Payroll Protection Program, unemployment compensation enhancements, interaction between the CARES Act and FFCRA, and individual benefits under the Act. Enjoy your lunch from behind your screen while you learn about this important legislation.
With the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) by Congress and signed by the President last Friday, there are a variety of federal programs with substantial resources that could benefit you and your business. We encourage you to consider these programs:
Paycheck Protection Program (PPP) Loans – provide cash-flow assistance through federally-guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven.
Economic Injury Disaster Loans & Emergency Injury Grants – an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). Grants and loans may be used to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
Small Business Debt Relief Program – provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under this program, the SBA will cover all loan payments on previously secured SBA loans, including principal, interest, and fees, for six months.
Small Business Owner’s Guide to the CARES Act [link]
Small Business Administration loans: Federal assistance will be channeled through the Small Business Administration (“SBA”), including its lenders.
Visit this link for a list of SBA lenders in Connecticut who can help you access the federal assistance
If your business banks with one of these SBA lenders, you should contact them about submitting an application for PPP and other resources under the CARES Act.
If you do not currently bank with an SBA lender, you may want to contact one or more SBA lenders to get into their queue.
In collaboration with Eversource Energy, Connecticut Natural Gas, Southern Connecticut Gas, United Illuminating, DEEP, DECD, and Connecticut Green Bank, we are co-hosting several webinars regarding the CARES Act.
Please join us for any of the following three (3) webinars:
LISC is pleased to announce the Verizon-LISC COVID-19 Recovery Fund is now open and accepting applications. This fund provides grant support to help address the immediate financial impact on small businesses due to the pandemic. LISC is grateful for Verizon’s partnership for making this program a reality.
For business owners with multiple businesses, please answer this survey based on your largest business owned.
Each awardee is limited to one grant per tax ID. You will need this ID to complete the application.
Eligibility is based on accurate and complete submission of request to include required documents uploaded.
This program is not eligible to employees of Verizon or LISC.
Your application must be completed by Saturday, April 4th, 11:59 p.m. ET.
Who is eligible?
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses, and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
ABOUT THE VERIZON-LISC SMALL BUSINESS RECOVERY FUND
Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.
Thanks to a $2.5 million investment from Verizon, LISC is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
Additionally, Verizon recently launched #PayItForwardLIVE, a weekly livestream from big names to pay it forward for small businesses. Viewers can tune in every Tuesday and Thursday at 8PM ET/ 5PM PT on@Verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. As people support their favorite small businesses with #PayItForwardLIVE, Verizon will commit an additional $10 per use of the hashtag, up to $2.5 million, for a total of up to $5 million in support.
Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region