Report by Paula Antolini, April 27, 2020, 10:00AM EDT
Gov. Ned Lamont has announced, according to CBIA, “the U.S. Congress has approved $381 billion in new funding for two critical small business coronavirus relief programs.”
On April 23rd the U.S. House acted on a “$484 billion package that includes an additional $321 billion for the Paycheck Protection Program and $60 billion for the Economic Injury Disaster Loan fund.”
“The Senate approved the measure two days earlier, following more than a week of negotiations between Congressional leaders and the Trump administration. Lenders can begin processing new PPP loans April 27. The SBA will accept new EIDL applications at the same time,” says CBIA.
The CBIA says “approved lenders can begin processing new PPP loans from 10:30 am Monday, April 27. The SBA will accept new EIDL applications at the same time.”
The federal government’s main small business relief program funding ran out April 16, less than two weeks after the $349 billion fund was launched, according to CBIA. A total of $4.15 billion in Paycheck Protection Program (PPP) loans were approved for 18,435 Connecticut small businesses before applications were suspended.
“Nationally, 1.7 million small businesses were approved for PPP funding, with 74% of those for loans of $150,000 or less. About 700 Connecticut small businesses received EIDL loans totaling $142.4 million. In addition, 9,549 Connecticut employers were approved for a total of $41.5 million in EIDL emergency advances,” states CBIA.
The latest funding bill is $60 billion for community businesses and small lenders to address accessibility concerns for smaller employers. The bill also allocates $75 billion to hospitals and $25 billion for enhanced testing, according to CBIA.
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