The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. As of July 25th SBA’s Paycheck Protection Program has supported over 62,377 loans in Connecticut totaling $6,665,606,988 in net dollars!
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.