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“We’ll see how it plays out,” says Connecticut Restaurant Association Executive Director Scott Dolch. “There’s still the issue of consumer confidence – we’re nowhere near the normal levels of customers coming out right now – and while the weather’s been mostly great, there’s still that threat of a second (coronavirus) wave."
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.
More than 29,000 people filed new unemployment benefits claims last week, bringing that total to about 515,000 since the middle of March. The governor said the state Department of Labor has processed over 500,000 of those claims and paid out over $1.3 billion, including around $25 million for self-employed and gig workers.
Created out by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the program allows small businesses and nonprofits to apply for low-interest private loans to pay for their payroll and certain other costs, and are forgivable if certain conditions are met.
Gov. Ned Lamont also said that talks are ongoing with “a major Connecticut company” that is expressing optimism about developing a vaccine for the virus.
While social distancing and the economic slowdown in response to the COVID-19 outbreak forced many businesses to embrace the work-from-home concept, it’s a concept...
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.
“Most credit unions do what every other bank does,” says President and CEO John Holt. “A lot of people didn’t realize that with the Paycheck Protection Program, unfortunately. But credit unions like to say we’re the first responders to a financial need.”
A continued decline in COVID-19-related hospitalizations is giving hope that the state is on the downside of the coronavirus curve, Gov. Ned Lamont said today, even as positive cases rose by over 800 and another 125 deaths were recorded.
All told, the SBA approved over 1.66 million loans, worth nearly $342.3 billion, across 4,975 lenders.
For the second straight day, the number of people hospitalized both in Connecticut and in Fairfield County due to complications caused by COVID-19 decreased, Gov. Ned Lamont announced today.
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