When the COVID-19 pandemic first hit the U.S., many small and medium-sized businesses applied for and did receive federal financial assistance. However, over the summer and through the last quarter of 2020, companies started to struggle once more. Businesses have been clamoring for additional relief but, until recently, it didn’t seem like anybody was listening.
This week, some relief finally was on the way. So far, more than 60,000 small businesses have received some form of relief. This past week, more funding was provided to small business owners in Connecticut. More than 2,000 businesses have already received this second round of relief funding.
Of the 2,000 companies, more than 60% of them are in the hospitality field. Another 20% are retail outlets and the rest tend to fall in the service industry. These are the companies hit hardest by the pandemic.
This money is coming to small businesses from two places. Some of the money is from the federal CARES act. Additional funding is coming from a bridge program called Connecticut Recovery Grants. These grants do not have to be paid back.
There are also many businesses that have received money from the Paycheck Protection Program. There is still billions of dollars left in this fund to help businesses hardest hit by the virus. Applications for this relief must be filed before the end of March.
The grants themselves were anywhere from a few thousand dollars to as much as $30,000. Amounts were determined by tax filings as well as reported losses. Additional aid is on the way until the money runs out.
If you own a business and have been denied relief or don’t know where to turn, you can always call for assistance. Contact our office and talk to an attorney today.