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March 15, 2020

Lamont calls on SBA to help CT’s small business owners

Photo | CT Mirror Gov. Ned Lamont flanked by (from left) Fran Rabinowitz, the leader of the state’s superintendent\s association, Education Commissioner Miguel Cardona, Josh Geballe, his chief executive officer, and his wife Ann Lamont
By Greg Bordonaro

As the number of coronavirus patients increases in Connecticut and many employers brace for a potentially significant economic slowdown, Gov. Ned Lamont Sunday night took a few steps aimed at providing businesses with some help.
 
First, Lamont said the state Department of Revenue Services will be extending the filing deadline for certain annual state business tax returns.
 
The Democratic governor also submitted a request to the U.S. Small Business Administration, asking the federal agency to issue a declaration that will enable small business owners in the state to receive economic injury disaster loans. 
 
If approved, the emergency assistance will enable small businesses to seek some financial relief as the global pandemic is causing significant distress to many businesses in the state, Lamont said.
 
“The impact of this global pandemic to businesses across the state has been significant,” Lamont wrote in his SBA letter. “Owners of inns, venues, restaurants and other service industry companies, have reported a large number of cancellations. Businesses owners are unable to meet their financial obligations with this sudden reduction in revenues.” 

In addition, Lamont also announced on Friday that the state Department of Economic and Community Development will defer loan payments for three months for  businesses impacted by the coronavirus and that have Small Business Express program loans. There are approximately 800 outstanding SBE loans with an aggregate loan balance of approximately $110 million, the Associated Press reported.

The state agency is trying to accommodate other businesses with DECD loans, AP reported.

Local economists predicted last week that the coronavirus pandemic would have a significant economic impact in Connecticut.

During a speech last week, President Donald Trump asked Congress for $50 billion so that the SBA could begin providing low-interest loans to help small businesses overcome temporary economic disruptions caused by the virus. 
 
Connecticut now has a total of 26 confirmed cases: six more since yesterday, though that number is likely much higher since testing has been limited. According to the governor’s office, the six new cases break down as follows: Fairfield county has one new case; Hartford county has two new cases; Litchfield county has one new case; and New Haven county has two new cases.

Lamont also Sunday night signed an executive order that will close all public schools schools starting Tuesday until at least March 31.

Meantime, as part of the tax filing changes, certain annual tax returns due on or after March 15, 2020, and before June 1, 2020, are extended by 30 days. In addition, the payments associated with these returns are also extended to the corresponding due date in June.
 
The impacted returns and the associated filing dates and payment deadlines are:

  • 2019 Form CT-1065/CT-1120 SI Connecticut Pass-Though Entity Tax Return – filing date extended to April 15, 2020; payment deadline extended to June 15, 2020
  • 2019 Form CT-990T Connecticut Unrelated Business Income Tax Return – filing date extended to June 15, 2020; payment deadline extended to June 15, 2020
  • 2019 Form CT-1120 and CT-1120CU Connecticut Corporation Business Return - filing date extended to June 15, 2020; payment deadline extended to June 15, 2020.

 
A CT Mirror report was used in this story.

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