December 2020 Stimulus: Paycheck Protection Program
Round Two of the Paycheck Protection Program (PPP) is very similar to the federal program rolled out in March 2020. The purpose of the program is to provide cash-flow assistance through federally-guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven. This round of federal funding allocates $284 billion to assist businesses in maintaining staff during the pandemic. The covered period is through March 31, 2021.
This fully forgivable loan is capped at $2 million per business. The application process is expected to open in approximately 10 days. Businesses that received PPP in the first phase ARE ELIGIBLE to apply for funding in the second phase.
Interested businesses should immediately talk to their bank as that is where the loan/grant will be originated. If you need assistance you can utilize a federally funded small business loan specialist at the CT Small Business Development Center or the Women’s Business Development Center.
The attached PDF is a 10 page section by section breakdown with all the rest of the specifics. If you will be applying for PPP, you should begin gathering documentation now in conjunction with your bank..
Also, the State of CT is standing up a new $35M small business grant program with awards of $10k - $30k. When finalized, the information regarding the grant program will be available here.
We will provide additional details as they become available.