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The program will provide businesses and nonprofits in Connecticut that have fewer than 20 employees, or a 2019 payroll of less than $1.5 million, with a one-time grant of $5,000.
“We’ll see how it plays out,” says Connecticut Restaurant Association Executive Director Scott Dolch.
The president of one Stamford company said she’d been sparring with Chase – her bank of choice for over 25 years – over her firm’s PPP loan practically since the program was announced. “They’re probably the poster child for incompetency," she said.
The Department of Economic and Community Development announced that, having received over 4,000 applications, it will stop accepting them as of 6 p.m. today -- but that it will return with double the funding, at $50 million. But that action will be temporary, according to DECD Commissioner David Lehman.
“We believe this program provides the quick, short-term financial assistance (small businesses and nonprofits) need to maintain operations and weather this storm," said Department of Economic and Community Development Commissioner David Lehman.