The State of Connecticut announced last week that it was making $50 million (doubled from the original $25 million) available for a short-term emergency small business loan program. Businesses with under 100 employees that were profitable before March 10, 2020, that meet the eligibility, can borrow three months of operating expenses (up to $75,000), with no interest for 12 months (with a 6 month extension available upon request). For some businesses, these loans may make good sense. For others, these may not be the best choice.
For businesses that would benefit from these loans, we have recommended preparing the applications as soon as possible, but not entering into final binding borrowing agreements without before speaking with an attorney about each of your options.
It is not known if, or when they will resume taking applications. For up-to-date information, please go to DECD Application Page.
UPDATE: March 28, 2019: As a result of “overwhelming” demand, the state announced that it is “not accepting applications at this time.”