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May 10, 2021

SBA has doled out $12B+ in pandemic relief funds to CT businesses

By Matt Pilon

Connecticut businesses have received more than $12 billion in federal COVID-19 recovery aid since the start of the pandemic.

The U.S. Small Business Administration’s Connecticut district director Catherine Marx provided the updated tally on Monday. The majority of the money -- $9.8 billion -- has come from the Paycheck Protection Program, which was extended in January after providing $6.7 billion worth of potentially forgivable loans to 64,000 businesses in the state last year.

Since the extension, the SBA has approved an additional 50,000 PPP loans, worth a total of $3.1 billion. That’s up from $2.2 billion as of mid-March and $1 billion as of early February.

Congress allowed certain businesses to apply for a second PPP loan under the extension, but it wasn’t immediately clear how many Connecticut businesses had received two loans or one.

Beyond the PPP funds, the SBA has approved Economic Injury Disaster Loans, for more than 36,000 companies here, totaling $2.2 billion.

Connecticut’s aid tally will continue to grow in the coming months, as the PPP program runs until the end of June. In addition, Congress recently authorized grants for shuttered entertainment venues and an emergency assistance program for restaurants and bars, both of which are administered by the SBA.

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