We’ve been working closely with the Connecticut office of the Small Business Administration (SBA) and have been informed that just over $110 billion in funding remains for the second round of the Paycheck Protection Program (PPP).
Many Connecticut companies and non-profits have taken advantage of this program to date, with approximately 30,000 organizations approved for $2.5 billion in forgivable loans so far during this round.
The PPP provides forgivable loans to small businesses and non-profits with less than 500 employees. 75% of the loan must be used for payroll expenses, with the remaining used on rent, mortgage interest, or utilities. More Information about the PPP can be found on the SBA website.
Connecticut has more than 350 SBA-approved banks and credit unions that can help your organization secure this critical funding. If you do not have an existing banking relationship, you can also apply for this program through approved online lenders (fintechs) like PayPal, QuickBooks, Bluevine, Funding Circle, Kabbage, OnDeck, and Square.
Funding for this program will not last much longer. I encourage you to apply today.
David Lehman, Commissioner