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March 17, 2020

SBA disaster-relief loans approved for CT small biz

PHOTO | New Haven BIZ Some small businesses may soon need disaster relief more urgently than others.
By Michael C. Bingham

Disaster-relief loans of up to $2 million underwritten by the U.S. Small Business Administration (SBA) are now available to Connecticut small businesses and non-profit organizations negatively affected by the global COVID-19 virus outbreak, Gov. Ned Lamont announced late Monday.

On Sunday, Lamont submitted a request to the SBA for expedited approval of the disaster relief to provide immediate aid to businesses in Connecticut. Beginning late last week, the state’s Department of Economic & Community Development (DECD) has surveyed companies statewide to assess the impact of COVID-19 on the small-business community and local economies.

“Small businesses and nonprofits of all types are experiencing large, sudden drops in revenue while trying to do the right thing and give employees the flexibility they need to take care of themselves and their families,” said Lamont in announcing the approval. “One of our priorities is to help them as much we can. SBA disaster relief loans are an important tool that can help Connecticut businesses.”

“The availability of SBA loans is another key piece of a broader set of relief measures the Lamont administration continues to put into place for individuals and our business community,” DECD Commissioner David Lehman announced. “Their ability to successfully navigate this health crisis is of vital importance to our economy in the short and long-term. The DECD team will remain proactive and continue to assess the impact of this pandemic and assist small businesses navigate this unprecedented economic climate.”

Small businesses can learn more about the program and apply for financial assistance at www.sba.gov/disaster or call the SBA at 1-800-659-2955.

Small businesses with questions about this SBA loan program or other assistance provided at the state-level can call 860-500-2333 to speak with a DECD representative. Companies can also access news and guidance related to COVID-19 and its impact on Connecticut by visiting the state’s dedicated coronavirus website at ct.gov/coronavirus. 

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