Eligible Small Businesses may borrow up to $2 million, with a fixed interest rate not to exceed 3.750 percent (2.750% for nonprofits) with loan terms of up to thirty (30) years under the Economic Income Disaster Loan (EIDL) Program. We…
Chapter 11 Bankruptcy Reorganizations – DIP Challenges
As of Friday (04/03/20), the Coronavirus Aid, Relief and Economic Security (CARES) Act that is providing funding for businesses, did not address debtor-in-possession (“DIP”) lending to businesses operating in Chapter 11 of the United States Bankruptcy Code. We are hoping…
State of Connecticut Emergency Bridge Loans
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,…