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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).
“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.
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.
The formulation of Connecticut’s strategy for restarting the economy is quickly gaining momentum, according to the co-chairs of the Reopen Connecticut Advisory Board, as the state’s COVID-19-related deaths grew since yesterday by 103 to total 971.
Approximately 1,033 patients have been hospitalized, and statewide fatalities now stand at 165, with Fairfield County accounting for 86 of those deaths.
In other developments today: The state is currently on track to end Fiscal Year 2020 with a General Fund deficit of $170 million; a new statewide organization has been formed to help Connecticut's nonprofits; and according to one model, Connecticut’s hospitals will hit peak resource use on April 16, at which time there will be a shortage of 2,167 hospital beds and a deficit of 499 ICU beds. The same model predicts 1,092 virus-related deaths here through Aug. 4.
“We’re constantly discussing options for our customers in the face of hardship,” says Patriot Bank President Richard Muskus Jr. “We will do what we can as an organization to help them – the bank is not going to abandon them.”