Federal Government Passes $2 Trillion Relief Package, Over $350 Billion for Small Business Assistance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. Included in the relief package is over $350 billion in assistance for small businesses. We will be working to keep you informed on how the assistance package will be implemented by government agencies as those details emerge.
U.S. Congressman Joe Courtney, Representative for the 2nd District has issued this release explaining the provisions of the bill. Items include expansion of unemployment insurance, direct payments to workers, forgivable loans for small businesses, federal lending to larger businesses, aid for hospitals, and stabilization funds for state, local and tribal governments.
Join us for a virtual meeting with U.S. Congressman Joe Courtney on April 2 at 9:30 a.m. Register here.
CT DECD published The Small Business Owner’s Guide to The CARES Act available on their Coronavirus Business Recovery page Resources link. The guide includes information on the Payroll Protection Program, small business debt relief, Economic Injury Disaster Loans and Emergency Economic Injury Grants, small business tax provisions, contractors, and small business counseling. The DECD website also details on the CT Recovery Bridge Loan program which closed its initial round of applications for the no-interest, short-term loans on March 27. The program was expanded from $25 million to $50 million, but has been put on pause for evaluation after an influx of applications.
Join us for updates on state and federal programs with David Lehman, Commissioner, DECD on April 1 at 10 a.m. via teleconference. Register here.
The U.S. Chamber of Commerce has prepared a quick fact sheet that offers guidance on eligibility and parameters of the CARES Act.
The CT Small Business Development Center (SBDC) offers a guide to the Emergency Business Response. It is being updated as new information arises about the implementation of the CARES Act.