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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.
“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).
“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.
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.
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 change in the criteria used by the Centers for Disease Control and Prevention (CDC) to count COVID-19 cases has resulted in Connecticut’s numbers of positive test results and deaths rising dramatically, Gov. Ned Lamont announced today. As a result, the number of COVID-positive cases rose by 1,853 to 19,815, while deaths increased by 204 to 1,331.
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