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February 3, 2021

CT’s PPP 2021 haul surpasses $1B

The U.S. Capitol Building in Washington, D.C.
By Matt Pilon

Connecticut employers have received more than $1 billion from the federal Paycheck Protection Program so far this year, following a fresh infusion of funding into the stimulus program from Congress.

PPP’s overseer, the U.S. Small Business Administration, said Tuesday that more than 11,600 companies here have received potentially forgivable loans since PPP reopened to applicants on Jan. 11.

The sum comes on top of Connecticut’s 2020 PPP haul, which totaled $6.7 billion, distributed to more than 62,200 businesses, according to SBA data.

The more recent distributions come courtesy of the Economic Aid to Small Business, Nonprofits and Venues Act, signed into law by (now former) President Donald Trump, on Dec. 27.

The loans are going to companies that did not receive PPP money last year, as well as to those that are now dipping back into the program through what’s known as a “second draw” loan.

The latter type of borrower must generally have 300 or fewer employees and be able to show a 25% or greater decrease in gross receipts. 

“We encourage any eligible CT small business continuing to struggle due to the coronavirus pandemic to take advantage of the PPP before the March 31 statutory deadline, subject to the availability of funding,” SBA Connecticut District Director Catherine Marx said in a statement.

During the first month of 2021, more than 891,000 employers nationwide were approved for PPP loans totaling $7.27 billion. Nearly 5,000 lenders have helped facilitate the loans.

For more information about the PPP program click here. 
 

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