CT Governor Lamont Unveils Program to Assist Small Businesses
Since the Federal Government is dragging it's feet with the next COVID-19 stimulus package, Governor Ned Lamont is taking matters into his own hands.
The Governor just announced a program to assist small businesses that have been impacted by the COVID-19 pandemic.
Lamont announced earlier this week that he will be creating the Connecticut Cares Small Business Grant Program. The program is designed to help small businesses and nonprofits that have been impacted by the economic downturn of the pandemic.
The overall goal of the program is to provide these Connecticut small businesses that have less than 20 employees, or a 2019 payroll that's less the 1.5 million, with a one time grant of $5,000.
The state is committing some $50 million dollars from the Connecticut coronavirus relief fund, and will be administered by the Connecticut Department of Economic and Community Development. The money, referred to as grants, can be used for payroll, rent, utilities, inventory, purchasing machinery or equipment vital for operation, and finally, costs associated with re-opening.
Here's what Governor Lamont had to say about the recovery program in a press release from the state:
When it comes to the economic impact of this ongoing, global pandemic, the smallest businesses have been hit the hardest, and I’ve spoken with so many owners who are doing their best to keep their workers employed and their businesses active during this incredibly challenging time. This grant program will help provide some relief to these small businesses that are working each day to get through this. However, there is only so much that we have available for this program, and I urge Congress to reach a deal and adopt a much-needed relief package that will help give our economy a boost and speed up the recovery.
The Connecticut Department of Economic and Community Development estimates it will begin accepting online applications the week of November 9, and all of the funds are anticipated to be disbursed by December 30. Information on eligibility requirements, upcoming webinars, and other aspects of the program will be published on the state’s business portal at business.ct.gov.