WBDC is working closely with state leaders to respond to small business owners and their employees. We will share the changes in regulations that you need to know.
We will get through this, together.
This page is being updated regularly, with the latest news at the top.
SBA Small Business Debt Relief Program – This 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 6 months. Learn more.
Conversation with Local Elected Officials – State Representative Caroline Simmons of Stamford, State Senator Alex Kasser of Greenwich, and WBDC Founder & CEO Fran Pastore will be holding a Facebook Live conversation on Thursday, April 2, to discuss the COVID-19 pandemic, and provide updates on state and local efforts to assist employers and employees.
Thursday, April 2 at 1:00PM
Click Here to Watch Recording on WBDC’s Facebook Page
Virtual Town Hall – Join Lt. Governor Susan Bysiewicz, U.S. Congressman Jim Himes, and other state leaders to hear the latest updates on state and federal government resources available for small businesses and their employees during this crisis. The discussion will be moderated by WBDC CEO Fran Pastore.
Additional sessions to be offered in the coming days.
CARES Act Passed – The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27. This Act allocates $2 trillion for businesses, individuals, federal agencies, and state and local governments to ensure that capital is distributed quickly and broadly. A number of provisions in the Act positively affect small businesses. Key highlights–
Paycheck Protection Program (PPP) – This new program provides up to $10 million in government-backed loans per eligible small business. These emergency loans do not require a personal guarantee or collateral. They are offered at a max 10-year term with a max interest cap of 4%, zero loan fees and zero prepayment fees. In addition, a portion are forgivable when used to maintain payroll through June.
Expanded Eligibility for SBA Disaster Loans (EIDLs) – The Act expands the definition of eligible businesses for SBA Economic Impact Disaster Loans (EIDLs) to include Tribal businesses, cooperatives, and ESOPs with fewer than 500 employees, as well as non-profit organizations including 501(c)(6)s, and individuals operating as sole proprietors or independent contractors. Loans are being approved simply with a credit score of at least 560, and loans smaller than $200K don’t require a personal guarantee. Additionally, small businesses and private non-profits can receive an emergency advance (grant) of up to $10,000 within 3 days of applying for an EIDL.
Businesses can receive both a PPP loan and an EIDL, as long as they’re not used to pay the same expenses.
Download the complete small business owner’s guide to the CARES Act here.
Contact us at (203) 751-9550 or firstname.lastname@example.org to receive no-cost, 1:1 counseling assistance in applying for a loan or grant under this Act.
Stay Safe, Stay Home Policy – Governor Ned Lamont signed an executive order directing all non-essential functions in Connecticut to suspend in-person operations effective March 23 at 8PM. To the maximum extent possible, all businesses should employ any telecommuting or work-from-home procedures for all non-essential workers. Read about this policy here.
Businesses and nonprofits seeking guidance related to this policy, including which businesses are considered essential, are urged to read the guidance provided by the Department of Economic and Community Development.
Tax Filing Extensions – The CT Department of Revenue Services (DRS) is granting an automatic extension of CT filing deadlines for certain annual business tax returns. Those due on or after March 15, 2020, and before June 1, 2020, are extended for at least 30 days. In addition, the payments associated with these returns are also extended to the corresponding due date in June. Read more here.
For Individuals – If you’re in the process of preparing your CT Income Tax Return (Form CT-1040) due April 15, DRS will adjust due dates for filing and payment of state income taxes to align with any specific, actionable announcement from the IRS regarding due dates for the filing and payment of federal income taxes. We’ll share the IRS updates when we hear them.
Unemployment Assistance – The CT Department of Labor (DOL) is offering added flexibility to business owners and workers impacted. Read the full FAQ’s here.
For Employers – DOL is offering a SharedWork program as an alternative to layoffs for employers. Employers can temporarily reduce employee hours and supplement lost wages with the help of unemployment benefits. You can apply online, and a decision will be made in 30 days. Learn more here.
For Workers – DOL has waived the job search requirement for individuals seeking unemployment benefits. Read more about this waiver here, or file your unemployment claim here. You should ask your employer for a Separation Package to streamline your filing for unemployment, but don’t wait to file once you are unemployed.
Don’t forget to bookmark this page, and our COVID-19 Resources page to stay in the know.
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