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Mar 26 2020

CT Recovery Bridge Loan Program for Small Business

By: Rob Lynn

 

UPDATE FOR EMPLOYERS WITH EMPLOYEES IN CONNECTICUT

Connecticut just passed a Recovery Bridge Loan Program for small businesses, providing three months of operating expenses up to $75,000.  These loans will be interest free and have a 12-month term, with a 6-month extension available upon request.

To be eligible, the small business must meet the following requirements:

  • Have no more than 100 employees
  • Be in good standing with the Department of Revenue Services (DRS) and Department of Economic and Community Development (DECD)
  • Have been profitable prior to March 10, 2020, with no adverse personal credit reports 60 days past due for the past six months
  • Not be involved in real estate, multi-level marketing, adult entertainment, cannabis or firearms.
  • Not be a state elected public official or a state employee

 

To apply click on go to the DECD website (see URL below) and access the application on line. 

https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/Emergency-Bridge-Loan-Application-Form

 

The following information will be required for the application

  • Project financing plan & budget
  • 2019 income statement
  • Internal financial statements (YTD)
  • 3-month projected cash flow, demonstrating need
  • Summary of adverse economic impact resulting from COVID-19
  • Recent credit score report
  • Applicant Structure Documents
  • Ownership breakdown
  • Personal financial statements
  • DRS Letter of Good Standing

Once completed, the application may be emailed to decdctrecovery@ct.gov 

We hope that you found this information beneficial.  If you have any specific questions on the Recovery Bridge Loan Program, please utilize the information on the DECD website or contact your CPA for guidance.  As always, if you have any questions regarding state and federal changes to employee payroll and benefit administration, please call John Morlock at 800-836-9678, ext. 5.

 


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