Month: April 2020

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 achambers@secter.org or 860-437-4659. Feel free to contact me, as well.

Please see an information sheet and the application attached. For complete details see https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19.

HEDCO DECD Line of Credit

COVID-19 Response Line of Credit Program Application

Presenting: Valeria G. Bisceglia, CT Small Business Development Center (CT/SBDC)

Tuesday, Apr 14, 2020 11:00 am
1 hour 30 minutes
Meeting number: 618 090 304
Password: 73Mf3YpkakN
Meeting Link:
https://uconn-cmr.webex.com/uconn-cmr/j.php?MTID=m8d2a0becd3a35b841e74a89bcb569094

Join by video system:
Dial 618090304 at uconn-cmr.webex.com
You can also dial 173.243.2.68 and enter your meeting number.

Join by phone:
+1-415-655-0002 US Toll
Access code: 618 090 304

TO SUBMIT A QUESTION IN ADVANCE, VISIT: https://ctnext.com/webinar-questions/

Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region

Governor Lamont is hosting a statewide conference call for employers at 1 pm Thursday, April 9, featuring officials from the U.S. Small Business Administration and the Departments of Economic and Community Development, Banking, and Insurance. Topics include: Federal Paycheck Protection Program, Economic Injury Disaster Loans and Grants, and Connecticut initiatives to assist businesses and residents – Mortgage deferment and assistance  and the Health insurance grace period.

Thursday, April 9, 1-2 pm 

Call: 888.456.0356

Passcode: 2802806# 

Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region

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.

INTERESTED?

WHEN
Tuesday,
April 7

TIME
3:00PM – 4:00PM

WHERE
Zoom meeting:
https://zoom.us/j/620214806
Mobile:
(646) 558-8656
Meeting ID:
620 214 806

Event Invitation #1: 

Webinar: CT Department of Labor Updates and FAQs
April 8, 2020 at 1:00 PM
Free

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.

Click here to learn more or register.

Event Invitation #2:
Webinar: 5 Things you Need to Know about the CARES Act
April 9, 2020 at 12:00 PM
Free

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.

Click here to learn more or register.

Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region

Attention Small Businesses and Non-Profits:

Federal  Stimulus ‘Cares Act’ Webinar Series

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.

Additional Resources:

• 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:

Friday, April 3, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/7178362178966567438

Monday, April 6, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/6530071431549833740

Tuesday, April 7, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/1662121138525071628

For additional information, visit the DECD Business Resources page (click here) as well as the Energize CT COVID-19 Information for Contractors page (click here).

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.

Click here to access the application. Your application must be completed by Saturday, April 4th, 11:59 p.m. ET.

Please keep the following in mind:  

• 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.

What it can be used for?

• Paying rent and utilities
• Meeting payroll
• Paying outstanding debt to vendors
• Other immediate operational costs

Email verizongrantsinfo@lisc.org for questions and troubleshooting. We will get back to you as soon as possible.

Apply Now

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