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.”
“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 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.