New Relief Bill to Pass the House
The U.S. Senate passed a $480B spending bill that expands COVID-19 business relief programs which is expected to pass the House today. We want to give you a heads up to prepare as we know this funding is critical for our businesses. 

This latest round of federal funding includes an additional $310B to the Paycheck Protection Program (PPP) and $60B for the Economic Injury Disaster Loan (EIDL) including $10B in grants.
 
  The PPP provides forgivable loans to small businesses with less than 500 employees. 75% of the loan must be used for payroll expenses, with the remaining used on rent, mortgage interest, or utilities. Companies apply for this program through SBA-approved banks, credit unions and online financial lenders, or fintechs. Fintechs are a critically important tool for small businesses who do not have banking relationships. Applicants can use their smartphones to apply for funding.
Authorized fintech lenders include: PayPal, QuickBooks, Bluevine, Funding Circle, Kabbage, OnDeck, and Square.
 
The EIDL provides low-interest loans and grants up to $10,000 to small businesses and non-profits to cover payroll, sick leave, production costs or business obligations, like rent or mortgage payments. Funds are made available within just a few days of your application being accepted. Companies apply for this program directly through the SBA.

Please act quickly when the applications open again as the funding will not last long. 

Artist Relief Fund

The State of CT Office of the arts has opened an artist relief fund where artists can apply for up to $500 and an artist respond fund where applicants can apply for between $1,000-$2,000 in funding.

Manufacturers
·        
A new website,  www.ctcovidresponse.org , has launched to connect Connecticut manufacturers and suppliers with health care institutions to produce the medical supplies and PPE our first responders need. 


ESTIMATED DISASTER ECONOMIC INJURY WORKSHEET FOR BUSINESSES 
Please fill out the below form to assist us with the data we need to assess economic injury and a plan for reopening.


Save Small Business Fund
 
The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks.

TO QUALIFY YOU MUST
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 pandemic
      


 Discover Milford, CT

The City of Milford, Milford Recreation and the Milford Regional Chamber of Commerce are excited to announce virtual BINGO – A 10-day virtual program to Support Milford from April 27th-May 6th, 2020.

Rules are as follows/how to play:

  • Game plays April 27th-May 6th, 2020.
  • Make a purchase or schedule an appointment with any five(5) Milford businesses. BONUS ENTRY: Fill ten(10) spaces to receive one(1) extra entry.
  • Save your receipts/invoices - you will need them to claim your prize.
  • After you fill a space, post a corresponding image on the day of your purchase; tag @discovermilfordct and the business you purchased from. Use the hashtags #supportmilford and #supportmilfordbingo.
  • After you fill at least five(5) spaces (or ten[10] spaces for a bonus entry), email your entry and receipts to [email protected] by May 6th at 11:59pm.
  • Ten(10) winners will randomly be chosen from all entries on May 7th to win $25 gift cards to local shops.
  • Winners will be asked to submit their receipts/invoices prior to receiving gift cards.
  • Verified winners will be announced on Discover Milford, CT Facebook and Instagram.
  • Join the game on Facebook #supportmilford #supportmilfordbingo
  • Download the BINGO Card
Discover Milford, CT created a web page for restaurants offering delivery and/or curbside take out here. We will also start sharing offerings in other businesses, please send an email to [email protected] and [email protected] to let us know what you are doing to keep customer engaged and buying. Visit Discover Milford, CT
Now more than ever we're encouraging our community to shop local and #SupportMilford whether it's purchasing a gift card, visiting an online shop or ordering curbside pickup. Check out last week's local businesses highlighted with #supportmilford and stay tuned for information regarding our #supportmilfordbingo!
Who do I contact for funding technical assistance?
Trained professionals are available to guide you through both the SBA Disaster Loan Assistance and State of Connecticut Bridge Loan (when available). They are:






What is available to me right now?
FAQ
Can I apply for both SBA and CT Bridge Loan?
Yes, they were meant to work in tandem. However, due to overwhelming response, the State of CT Bridge Loan program is not accepting new applications at this time.

If I am self employed can I apply for unemployment?
Yes! It is a case by case situation, but please apply as the federal proposals will soon go into effect.

What banks are SBA lenders in Connecticut?

Do I have to apply for the SBA loan in order to access the grant?
Yes.

Can I apply for everything?
Yes, but you can not double dip. If you use SBA for payroll then you cannot access PPP and vice versa.

Can I roll SBA into PPP?
Yes.

Will more relief be coming?
Yes, but we don't know what yet.

If I am denied the SBA loan can I still keep the $10,000 loan advance/grant?
Yes.

The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?
 
No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including: 1. employer contributions to defined-benefit or defined-contribution retirement plans; 2. payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and 3. payment of state and local taxes assessed on compensation of employees.  

Additional Resources
DECD's COVID-19 Business Emergency Response Unit

The Connecticut Department of Economic and Community Development (DECD) has created a COVID-19 Business Emergency Response Unit dedicated to assisting businesses navigate resources and develop new resources. A dedicated phone line is available at  860-500-2333  to provide assistance to Connecticut's small businesses for this purpose.
Please reach out with additional questions and concerns. Stay safe, healthy and wash your hands!

Best,

Julie Nash
Director of Economic and Community Development
70 West River Street
Milford, CT 06460
Phone 203-783-3230
Fax 203-878-7394