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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.
"The harsh reality is that it’s getting harder trying to balance rising costs” with revenue, says Connecticut Restaurant Association Executive Director Scott Dolch.
“They never quite got everything ironed out,” says Anna Serio of the Small Business Administration's handling of the Paycheck Protection Program initiative.
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.
“I’m an optimistic guy, or I wouldn’t work in the arts,” says Westport Country Playhouse Managing Director Michael Barker.
Eight out 10 reported a decline in revenue, while three quarters reported a revenue decline of 25% or more, over the prior year.
“A lot depends on how quickly people go back to their old behaviors,” the Danbury bank's president and CEO says.
The agency says that over 50,000 additional PPP loans have been approved, totaling $3.1 billion for Connecticut businesses and entities in 2021.
According to the latest data, about 98,000 employees are back to working in Connecticut's hospitality sector – something that usually employs around 150,000.
“We started about a year and a half ago,” Demetrius Glover, owner of wellness and community-building event company SolHaus in Stamford, said, “so with Covid, doing meditation and live entertainment at company events became difficult.”
DECD Commissioner David Lehman told the Business Journal that he expected to announce “a couple of big companies” relocating to Fairfield County from Westchester and New York City in the coming few weeks.
Fox News and MSNBC provide “different realities and different sets of facts” to their loyal viewers, the Congressman told the Norwalk Chamber of Commerce.
The deadline for applying for the forgivable loans is March 31 -- or sooner, if Congressional appropriations are exhausted.
As of Jan. 24, the SBA reports approving 4,787 loans for nearly $479.2 million in Connecticut during the new round.
Nationally, through Jan. 31 there have been 891,044 approvals for nearly $7.3 billion, with 4,942 lenders participating.