Some $110 billion in forgivable Paycheck Protection Program (PPP) capital is still available to small businesses and nonprofits, according to the U.S. Small Business Administration.
Along with the SBA, Connecticut’s Department of Economic and Community Development is encouraging small-business owners and nonprofits to apply for PPP loans; more information can be found here.
Created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the program allows small businesses and nonprofits to apply for low-interest private loans to pay for their payroll and certain other costs, and are forgivable if certain conditions are met.
There was $349 billion allocated to the PPP from April 3 to April 16, at which point the SBA stopped accepting new applications. During that time, 1.7 million loans were made, and 4,975 lenders approved loans, which averaged $206,000.
More than 18,000 Connecticut businesses received PPP loans totaling about $4 billion during that first round.
Following Congress’ passage of the Paycheck Protection Program and Health Care Enhancement Act, another $320 billion was added to the PPP, and the SBA began accepting applications again on April 27.
Earlier this month, Gov. Ned Lamont said that more than 30,000 small businesses in Connecticut had received about $2.5 billion during the current round.
“The loan sizes are smaller,” he said, “but that means more of our small businesses got access” to the program.