CEDF is not a disaster loan organization, but we can help route you to programs offered by the state and federal government created to help small businesses. Here are the latest relevant updates. We have removed many prior entries to programs no longer available and links to information well-covered in other media.
Paycheck Protection Program 2021
On March 3, the SBA released revised rules to liberalize income definitions to allow certain businesses greater access to first and second draw PPP loans. This abridged version of the Interim Final Rule explains eligibility.
The revised application forms are here. Review the forms to be prepared to go to your lender. Your lender may want you using their electronic form. The deadline for the program has been extended to May 31.
Revised first draw form
Revised second draw form
Revised first draw form for business owners filing IRS Schedule C for taxes
Revised second draw form for business owners filing IRS Schedule C for taxes
Remember: CEDF is not a PPP lender. First contact the bank where you do your business banking. If you took out a PPP loan previously, that lender already has your information. But you are free to approach any other authorized PPP lender.
We pulled out these excerpts from the SBA's Interim Final Rule released Jan. 7, 2020 for easier reading.
Here is a Q&A document with excerpts of expanded discussions of some provisions.
These are additional rules released on 1/19/21 related to PPP draws and forgiveness procedures.
This is the application for PPP forgiveness form 3508S for loans under $150K. Current as of 1/19/21.
This is the application for PPP forgiveness form 3508EZ for loans above $150K if you meet certain conditions. Current as of 1/19/21.
This is the "long form" application for PPP forgiveness form 3508 for loans above $150K for all others. Current as of 1/19/21.
COVID Relief Legislation Passed Dec. 2020
Here is an abridged summary of the small business relief provisions moving through Congress as of 12/21/2020. It's useful reading to understand the breadth of the relief provisions beyond PPP.
Small Business Administration Economic Injury Disaster Assistance
This program has gone through several changes but is still open for applications.
State of Connecticut Efforts
CT Business Recovery Grant
- $35 million in grants focused on 2,000 of Connecticut’s hardest hit businesses including restaurants and hospitality.
- Grant sizes will range from $10,000 to $30,000.
- No application process – Businesses which meet criteria will be sent a check directly from the Department of Revenue Services (DRS) in early January 2021. Details on the DECD website.
CT Cares Small Business Grant
Now closed. Disbursements were being made in late Dec. 2020 and January 2021.
Insurance and Property Taxes
Insurance grace period. For 60 days beginning April 1, no insurer regulated by the Connecticut Department of Insurance – including life, health, auto, property and casualty – may lapse or terminate a covered policy because the policyholder is unable to pay the premium or interest during this time. Policyholders must check with their carriers to determine their eligibility for this grace period. You can find additional Insurance Department guidance here.
Relief from municipal tax and fee deadlines and collections. Cities and towns are required to offer eligible taxpayers at least one of the following, and may offer both:
- A 90-day deferment for any taxes on real property, personal property or motor vehicles, or municipal water, sewer and electric rates, charges and assessments.
- Reduced interest on delinquent tax payments to property owners under certain conditions.
Unemployment Compensation for the Self-Employed
Historically, self-employed individuals who take compensation through profits and do not receive a W-2 paycheck have never been eligible for state unemployment compensation. However, the CARES Act has a provision to provide compensation to this group. As of April 30, the CT DOL the has implemented the Pandemic Unemployment Assistance (PUA). Download instructions from the CTDOL website here.
Connecticut Recovery Bridge Loan Program
This program has exhausted funding and is no longer open to applications
IRS Employee Retention Credit
The Treasury Department and the Internal Revenue Service announced the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted. Read the details here.
December 27, 2020 legislation extended this credit into 2021. Read the IRS press release.
IRS Payment Options
To help businesses struggling with the pandemic's impact, the IRS has expanded payment options and alternatives to resolve unpaid balances.