CARES Act programs
CARES Act Passed – The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the President on March 27, 2020 and includes several important benefits for small businesses and nonprofits in Connecticut:
Paycheck Protection Program (PPP) Loans: Provide cash-flow assistance through federally-guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven. For more information, view flowchart and the Coronavirus Emergency Loan Guide & Checklist for small businesses and non-profit prepared by the U.S. Chamber of Commerce.
Economic Injury Disaster Loans & Emergency Injury Grants: An emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). Grants and loans may be used to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments. View flowchart for more information.
Small Business Debt Relief Program: Provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under this program, the SBA will cover all loan payments on previously secured SBA loans, including principal, interest, and fees, for six months.
Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship: A refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis.
Delay of Payment of Employer Payroll Taxes: Allows taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022.
Counseling and Training: Local resource partners can be found by calling the Northwest CT Chamber of Commerce 860-482-6586
For more details on the CARES Act visit Connecticut's COVID-19 Business Resource Portal.