The U.S. Small Business Administration reports that 22,669 Connecticut small businesses and entities have received approvals of Paycheck Protection Program forgivable loans totaling $1,945,339,231, as of Feb. 21.
Also as of Feb. 21, 49.4% of the $284 billion in PPP appropriation has been committed. The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act relaunched the PPP initiative on Jan. 11, increasing access for small businesses owned by minorities, veterans and women.
“I encourage our smallest businesses, sole proprietors, LLCs and nonprofits to take full advantage of free resources and webinars that describe these enhancements,” SBA Connecticut District Director Catherine Marx said.
Noting that the deadline is March 31 ”¯or sooner if Congressional appropriations are exhausted, Marx added: “This federal funding was made available to those who did not receive Paycheck Protection Program forgivable loans in 2020 and those small businesses that are still in need. The eligibility requirements have been expanded, there are set-asides for the smallest businesses located in distressed areas, the forgiveness process has been simplified.”
Borrowers can apply for PPP loans by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
Updated PPP information, including forms, guidance, and resources is available at sba.gov/ppp and treasury.gov/cares.
