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Employers currently are solely responsible for repaying the $700 million that the state borrowed from the federal government to pay pandemic-related unemployment compensation benefits. With interest, they said, that sum could rise to $1 billion.
This year, the governor said, “We will continue to emphasize our best-in-the-nation public schools and workforce development, making sure every child, regardless of zip code, race, color, or creed, has the best opportunity at the starting line of life.”
A new survey also found 22% of business owners saying they will be able to operate no longer than 7-12 months under current economic conditions.
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.