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
Most PPP loans were processed by SBA 7(a) lenders, which are primarily banks. Applications for forgiveness are handled by the originating lender.
This is an abridged version of the SBA Interim Final Rule with regulations for forgiveness released on 5/22/20 containing just the rules and Q&A for borrowers. This is a June 2020 modification after Congressional action. This is the Interim Final Rule modification of June 22 that takes into account the changes to PPP forgiveness.
This program has gone through several changes but is still open for applications. However, the advance component is no longer available.
State of Connecticut Efforts
On Oct. 20, DECD announced the CT Cares Small Business Grant program.
Read the details for eligibility.
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.
This program has exhausted funding and is no longer open to applications
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.
To help businesses struggling with the pandemic's impact, the IRS has expanded payment options and alternatives to resolve unpaid balances.