Connecticut small businesses have surpassed $1 billion in forgivable Paycheck Protection Program (PPP) loans since the reopening of the program on Jan. 11, according to the U.S. Small Business Administration.
The reopening of PPP has provided support to more than 11,600 Connecticut businesses and their employees, according to SBA Connecticut District Director Catherine Marx. “We encourage any eligible Connecticut small business continuing to struggle due to the coronavirus pandemic to take advantage of the PPP before the March 31 statutory deadline, subject to the availability of funding,” she said.
The First Draw loan is available for small businesses and eligible entities that didn”™t access a PPP prior to Dec. 27, 2020, while the Second Draw PPP loan is for borrowers who have previously received a PPP loan, generally have 300 or fewer employees, and have experienced at least a 25% reduction in gross receipts.
Connecticut borrowers are encouraged to reach out to their lenders, or to use the SBA”™s free online Lender Match tool to find participating financial institutions.
Nationally, through Jan. 31 there have been 891,044 approvals for nearly $7.3 billion, with 4,942 lenders participating.
