News and Updates from the SBA:PPP Approvals on the Rise!
Connecticut Paycheck Protection Program approved lending in is on the rise. PPP loans through February 7, 2021 total $1,495,517,386 to our 6,512 small businesses and entities.
Here's what you should know:
- Borrowers can apply for a PPP Loans before the March 31 statutory deadline, subject to the availability of funding.
If you have not received a PPP loan before, First Draw PPP Loans may be available to you, click here.
If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan. For more info click here
Lender Match can also help connect you with an SBA participating lender. The SBA provides Paycheck Protection Program reports, for a complete report click on the link below.
Today, nationally the SBA hit a major milestone of approving $103 billion of PPP funds to more than 1.4 million small businesses. For the full Press Release click Here!
Paycheck Protection Progr
Targeted EIDL Advance Notification
The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
Applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding, may be eligible for additional up to the $10,000 program limit. Businesses must also demonstrate a reduction in revenue greater than 30%, and must meet the same eligibility requirements applicable to COVID-EIDLs
Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.
SBA will first reach out to EIDL applicants that already received a partial EIDL Advance (between $1,000 - $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
For additional details and targeted EIDL Frequently Asked Questions click here: FAQ's
Black-owned businesses are an essential part of the fabric of Connecticut. The Connecticut SBA has partnered with local lending institutions and resource partners to deliver a series of entrepreneurial workshops specifically designed with the black entrepreneur in mind.
In commemoration of Black History/Black Business Month, please join us for our FREE workshops throughout the month of February.
- February 11 - Re-applying for PPP? What You Need to Know
- February 16 - Access to Capital
- February 22 - Ascent for Women Entrepreneurs, Elevate Your Small Business
- February 23 - Business Resources
Whether your goal is to start, grow, expand, or remain resilient during these challenging times, the SBA Connecticut office is here to support your small business needs. Workshops to be facilitated by the Black Business Alliance, Essex Savings Bank, HEDCO, Liberty Bank, PTAC, SBA staff, SBDC, SCORE, WBC, and WBDC.
All workshops to be held virtually using Microsoft TEAMS. To register for any or all of the above workshops please click here: Register HERE today!
How to Apply for PPP: Focus on Small Employers - Feb 11
Learn how to make the Paycheck Protection Program work for your business.
Since released in early 2020,. there have been several changes made to the renewed PPP funding under the Economic Aid Act to Hard-Hit Small Businesses, Nonprofits, and Venues Act of
Subjects to cover:
- How to calculate payroll
- Allowable payroll and non-payroll loan uses;
- Payroll documentation needed; and
- Forgiveness enhancements
Date: Thursday, February 11, 2021
Time: 12:00 PM - 1:00 PM (EST)
Please note: To be eligible your business must have been in operation on February 15, 2020.
National Entrepreneurship Week is coming up! This is a congressionally-chartered week dedicated to empowering entrepreneurship across the United States. This annual initiative brings together a network of partners from Maui to Miami to educate, engage, and build equitable access to America's Entrepreneurship Ecosystem.
The SBA works with a number of local partners to counsel, mentor, and train small businesses.
If you are exploring the role of entrepreneurship remember that SBA has resource partners that can provide advising to not only aspiring entrepreneurs but to small business owners too! Request no-cost business advising today, find a mentor in your area: https://www.sba.gov/mentor
SBA has a "Sweet Spot" for Small Biz!
Valentine's Day is right around the corner (only 5 days away) - don't forget to support small businesses for all your Valentine's Day gifts. Flowers, dinner, and candy are all available at a small business near you.
This year, we know that small businesses, need our support now more than ever as they navigate, retool, and pivot from the effects of the pandemic. Shopping and dining local will help our communities as they continue with their recovery efforts. Don't forget to Shop Small this Valentine's Day!