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“Our grants and programs will still have a very important part to play in the small business ecosystem in 2022 – and beyond,” says Connecticut SBA District Director Catherine Marx.
To date, the Connecticut department of the Small Business Administration has approved over $27.7 billion in loans to businesses in the state to get through Covid-19 – and more is on the way.
Eight out 10 reported a decline in revenue, while three quarters reported a revenue decline of 25% or more, over the prior year.
The agency says that over 50,000 additional PPP loans have been approved, totaling $3.1 billion for Connecticut businesses and entities in 2021.
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.
“Business owners are very resourceful – and so are we," says CTSBDC State Director Joe Ercolano.
“You have to be so flexible, accommodating your customers and your employees,” says Don Droppo Jr., owner, president and CEO of Curtis Packaging in Sandy Hook. “This is unprecedented for all of us, and you can either run from it or you can see it as an opportunity.”
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.
In addition, 9,549 of Connecticut companies got EIDL loan “advances” or grants totaling $41.5 million. Those loans were offered to small employers at $1,000 per employee up to a maximum of $10,000 and are forgivable.
The formulation of Connecticut’s strategy for restarting the economy is quickly gaining momentum, according to the co-chairs of the Reopen Connecticut Advisory Board, as the state’s COVID-19-related deaths grew since yesterday by 103 to total 971.