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March 15, 2021

As program deadline nears, CT’s PPP haul grows to over $2.2B

Photo | HBJ File Downtown Hartford's skyline.
By Greg Bordonaro

Connecticut companies have only about two weeks to apply for a potentially forgivable loan under the federal government’s Paycheck Protection Program, but plenty of cash from the program has already made its way to our borders.

The Small Business Administration, which oversees the program working with private and other lenders, said Monday that it had granted 27,295 loan approvals for companies and nonprofits in Connecticut totaling over $2.2 billion. 

For the newest round of PPP funding, which began on Jan. 11, SBA has guaranteed nationwide over 2.4 million PPP loans for more than $156.2 billion; 5,185 lenders are participating in the program. This represents an over 200,000 increase in guarantees since last week, with an almost $9 billion increase in net dollars approved during the same time frame. 

The PPP provides loans to help businesses keep their workforce employed during the pandemic. Borrowers may be eligible for PPP loan forgiveness. SBA is currently offering PPP loans until March 31. 

President Biden recently announced program changes to make access to PPP loans more equitable.

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