Home Banking & Finance Nearly 700 CT companies receiving $142 million in EIDL loans

Nearly 700 CT companies receiving $142 million in EIDL loans

Nearly 700 Connecticut businesses have received emergency loans totaling almost $142.4 million from the U.S. Small Business Administration, under its Economic Injury Disaster Loan (EIDL) program.

The state’s 696 EIDL recipients outweighed Massachusetts’ 509 businesses, who received $103.8 million, but fell short of neighboring New York’s 1,126 companies, which received $242.4 million. California led the nation, with 6,820 businesses receiving about $1.5 billion.

In addition, 9,549 of Connecticut companies got EIDL loan “advances” or grants totaling $41.5 million. Those loans were offered to small employers at $1,000 per employee up to a maximum of $10,000 and are forgivable.

As part of the new, nearly $484 billion coronavirus aid bill approved by the U.S. Senate yesterday, the EIDL program will receive $60 billion, six times what was in the prior relief bill.

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