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“This new funding will help small businesses keep their doors open," declared U.S. Sen. Chris Murphy (D-Connecticut).
All told, 8,595 Connecticut businesses received at least $150,000 in loans from the $669 billion PPP program.
The national organization SCORE today issued a report showing that two-thirds of small-business owners classified their businesses as unprofitable as the Covid-19 pandemic continues...
While hopeful that the federal government will make available some additional financial help, bank president and CEO Ken Weinstein says, "it’s pretty obvious that, right now at least, that we can’t count on that.”
“The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers,” said SBA Administrator Jovita Carranza.
The timing of the Nov. 3 election “isn’t helping things,” says Connecticut Restaurant Association Executive Director Scott Dolch. “Neither side wants to give the other side a win, unfortunately.”
“Stay in Washington, D.C. and do your job,” American Hotel & Lodging Association president and CEO Chip Rogers said.
“Let’s not have a skinny bill when we have a massive problem,” House Speaker Nancy Pelosi (D-California) said of the failed $500 billion package.
Collectively, Connecticut hospitals have been estimated to lose $1.5 billion this year as a result of the coronavirus, while those in New York State are estimated to lose as much as $13.3 billion.
“We’ll see how it plays out,” says Connecticut Restaurant Association Executive Director Scott Dolch.
Among lenders, JPMorgan Chase & Co. accounted for the largest number of jobs supported – over 1.6 million – followed by Bank of America Corp. (nearly 1.47 million) and Zions Bank (about 1.05 billion).
Acting U.S. Attorney Audrey Strauss announced a superseding indictment June 24, adding charges of bank fraud and making false statements on loan applications.
“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 act extends the PPP program from June 30 to Dec, 31 and extends loan terms from two to five years.
With the first phase of Connecticut’s three-phased approach to reopening achieved today, Gov. Ned Lamont and his administration are turning their attention to June 20, when a host of other businesses and services – including hotels, gyms, movie theaters, and some indoor dining at restaurants – are expected to become available.
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