Business Assistance (CT DECD and US SBA)

CT DECD has begun rolling out support for Connecticut small businesses in a number of programs and will be expanding these in next few days.
If you have an existing Small Business Express Loan (SBEx) loan with DECD, they will defer loan payments immediately for the next three months.
DECD is currently engaged in discussions with local banks and other financial institutions about the need for increased flexibility in business loans and operation payments and there should be updates about this soon.
US Small Business Administration (SBA) is now offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
CT is one of the states that will be able to make available these loans to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
The SBA loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact at rates of 3.75% for small businesses and 2.75% for non-profits.
The SBA loans will have long-term repayment schedules, potential up to 30 years and will be determined on a case-by-case basis, based upon each borrower’s ability to repay.
For more info about the SBA loans, call 800-659-2955 or e-mail disastercustomerservice@sba.gov.