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First County Bank, which typically approves about $140 million in loans per year, processed 1,144 loans for about $125 million during the first round of the Paycheck Protection Program.
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.
All told, 8,595 Connecticut businesses received at least $150,000 in loans from the $669 billion PPP program.
“Business owners are very resourceful – and so are we," says CTSBDC State Director Joe Ercolano.
“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.
According to the CTSBDC, 99% of the state’s businesses are considered a small business, with 500 employees or less.
“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 U.S. Small Business Administration and the U.S Department of the Treasury today posted the loan forgiveness application for the Paycheck Protection Program (PPP). The...
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.”
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.