Small businesses in Connecticut are struggling like they are in every other state due to COVID-19. Back in March, the federal government passed the CARES Act, which was intended, in part, to help small businesses across the county. Sadly, now that the funding has run out, small companies in Connecticut are still struggling and in need of relief under CARES Act.
The CARES Act calls for federal funds to be issued to various states to help small businesses. The states had to apply for relief. Now that the virus has been here for more than six (6) months, many of the companies in Connecticut are still in trouble. In order to survive, they need more help.
A coalition has been formed in the state to plead their case to the Governor of Connecticut, Ned Lamont. This coalition is made up, in part, of the Connecticut Business and Industry Association and the Connecticut Restaurant Association. They have been joined by many regional chambers of commerce.
The group is asking the governor to request additional funds and relief under CARES Act. They are calling for relief to be granted to small businesses with up to fifty (50) employees. The state has indicated that $50 million in state funds will be dedicated to small businesses. However, the most recent announcement by the governor was that only companies with twenty (20) or fewer employees could take part in this program.
In order to survive the pandemic and continue to contribute to the local economy, the coalition is demanding additional funds. Other states have done this already. For example, New Jersey has provided $100 million in funding. Rhode Island has provided their small businesses with $60 million.
There is no word yet whether the Governor will comply with the coalition’s plea. If you need help with your local business in Connecticut, feel free to call our office at any time.