Federal Assistance for Your Businesses through the CARES Act

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).