Over 18,000 small businesses in Connecticut applied for $5,000 Covid-19 emergency relief grants, according to the state Department of Economic and Community Development (DECD) ”“ though there are just 10,000 slots.
Announced in October, the $50 million Connecticut CARES Small Business Grant Program was aimed at Connecticut businesses and nonprofits with fewer than 20 employees, or a 2019 payroll of less than $1.5 million. The $5,000 grants can be used for payroll, rent, utilities, inventory, purchase of machinery or equipment, or costs associated with compliance of the ongoing Reopen Connecticut Business Sector Rules.
All funds will be disbursed by DECD to approved applicants by Dec. 30 and will not require repayment.
Applications were accepted from Nov. 12-20. As there were roughly 80% more applicants than there are funds ”“ that is, if each of the 18,000 were to receive $5,000 grants ”“ the total would be $90 million, meaning that not all applicants will be approved unless further action is taken by the state.
“There is only so much that we have available for this program,” Gov. Ned Lamont said in October, “and I urge Congress to reach a deal and adopt a much-needed relief package that will help give our economy a boost and speed up the recovery.”
