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State of Connecticut Department of Economic & Community Development News
Web Site:
450 Columbus Boulevard,
Suite 5,
Hartford, CT 06103
Tel: (860) 270-8043
Fax: (203) 867-6000
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12-28-20 *NEW* Stimulus Package Approved
December 27, 2020
The federal government just approved a $900 billion stimulus package to deliver economic relief to small businesses and Americans impacted by the pandemic. The package includes the following support for businesses and employees:� $325 billion for small businesses, including $284 billion in loans through the Paycheck Protection Program (PPP); � Direct payment checks of up to $600 per adult and child; � Enhanced unemployment insurance benefits of $300 per week; � Extension of the eviction moratorium and $25 billion for rental assistance; � Extension of the tax credit for employers offering paid sick leave;
The new round of PPP funding provides a great opportunity for companies that did not receive a forgivable PPP loan earlier this year. It also allows businesses with 300 or few employees that experienced more than 30% revenue loss in any quarter in 2020 to secure a second forgivable PPP loan.
It's recommended you begin working with an approved lender now as there could be high demand for this program. For those companies applying for a second PPP loan, working with the same financial institution could speed up the application process for your business.
Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.
The “original publication date” of Member News articles posted on this web site reflects the date this article was added to the Chamber database and may not necessarily reflect the date such news events occurred.