State of Connecticut
The State of Connecticut, working with its federal partners, has several programs and initiatives in place to assist businesses during this difficult period.
DECD's COVID-19 Business Emergency Response Unit: The Connecticut Department of Economic and Community Development (DECD) has created a COVID-19 Business Emergency Response Unit dedicated to assisting businesses to navigate resources and develop new resources.
For specific questions related to small business, email the Joint Information Center at COVID19.JIC@ct.gov, or call the DECD Small Business hotline at (860) 500-2333. Individuals can call 2-1-1 for more information. For the most updated information, visit ct.gov/coronavirus. For information on business resources, visit: DECD Portal
1. Major Legislation & Announcements
a. The deadline for personal income tax returns has been extended to July 15, 2020. Click here for more information.
b. The filing deadlines for certain annual tax returns due on or after March 15, 2020, and before June 1, 2020, are extended by at least 30 days. In addition, the payments associated with these returns are also extended to the corresponding due date in June. Click here for more information.
c. For a helpful list of FAQs for the Department of Revenue Services, click here.
a. Over 50 banks and credit unions have agreed to offer mortgage relief to homeowners and businesses facing hardship caused by the pandemic. Contact your lender for more guidance on how this applies to your specific situation. The CT Department of Banking will maintain an updated list of participating institutions on its website.
These institutions may offer:
- A 90-day grace period for all mortgage payments;
- Relief from fees and charges for 90 days;
- No new foreclosures for 60 days; and
- No credit-score changes for accessing relief
c. Small Business Express Loan Payments Deferred
a. The CT DECD is deferring all Small Business Express payments for three months to allow employers to focus on their payrolls. For small business assistance, call DECD’s business hotline at (860) 500-2333.
2. Financial Assistance
a. CT Department of Economic & Community Development (DECD)
a. Small Business Express Program - This program provides loans and grants to Connecticut's small businesses to spur job creation and growth. The CT General Assembly passed a bill allowing businesses to utilize small business express loans to assist with paying business office rent.
DECD is also deferring all Small Business Express payments for three months to allow employers to focus on their payrolls. For small business assistance, please call DECD’s business hotline at 860-500-2333.
b. Small Business Express Bridge Loan Program (NOT CURRENTLY TAKING APPLICATIONS, Governor is planning to expand program in the future)
- Have no more than 100 employees
- Be in good standing with the Department of Revenue Services (DRS) & DECD
- Have been profitable prior to March 10, 2020— with no adverse personal credit reports 60 days past due the past six months
- Not be involved in real estate, multi-level marketing, adult entertainment, cannabis or firearms; nor be a state elected public official or state employee
c. Economic and Manufacturing Assistance Act (MAA) - This act makes available low-interest loans and incentive-driven direct loans for projects when there is strong economic development potential. Funding may be used for the purchase of equipment, furniture and fixtures, construction, leasehold improvements, training, and other eligible project-related activities.
d. Minority Business Revolving Loan Fund - This fund provides loans and lines of credit to Connecticut businesses owned by minorities and/or women. Through this program, eligible applicants can apply for term loans and lines of credit from $10,000 to $100,000 with a fixed interest rate of 4%.
b. CT Department of Labor (DOL)
a. Unemployment Benefits - Temporary income for workers who are unemployed through no fault of their own and who are either looking for new jobs, in approved training or awaiting recall to employment. The funding for unemployment insurance benefits comes from taxes paid by employers. Workers do not pay any of the costs. To qualify for unemployment benefits, you must have earned sufficient wages during a specified time (monetary eligibility). To collect benefits, you must meet certain legal eligibility requirements. Click here for more information.
b. Shared Work Program - Available to CT businesses that offers an alternative to laying off of employees. The Shared Work Program helps to save jobs and retain skilled workers. The program allows employers to temporarily reduce employee hours and supplement lost wages with the help of partial unemployment benefits. Under the program, all employers with two or more employees can participate. When business upturns, employees resume regular hours and employers are able to ramp up quickly with an experienced team in place. For more information call: (860) 263-6660 or email: DOL.SharedWork@ct.gov. Click here for an overview of the program.
c. CT Insurance Department
a. Business Interruption Insurance - A business interruption insurance policy should list or describe the types of events it covers. Events that are not described in the policy are typically not covered. It is important to review the policy exclusions, coverage limits, and applicable deductibles with your agent, broker or insurer. Click here for more information.
b. Insurance Grace Period - For 60 days beginning April 1, no insurer regulated by the Connecticut Department of Insurance – including life, health, auto, property and casualty – may lapse or terminate a covbered policy because the policyholder is unable to pay the premium or interest during this time. Policyholders must check with their carriers to determine their eligibility for this grace period. You can find additional Insurance Department guidance here.
d. Access Health Connecticut (AHCT)
a. Health Insurance Special Enrollment: AHCT, Connecticut’s official health insurance marketplace, is now enrolling residents for healthcare coverage. It was established to meet the requirements of the Affordable Care Act (known as Obamacare) and created to help people shop and enroll in the health insurance plan that is right for their needs. Based on their annual income, individuals can see what type of financial help is available to help them buy health insurance. This special enrollment period has been extended and now ends on Friday, April 17. Connecticut residents can call (855) 365-2428 to sign up for healthcare coverage. Click here for more information.
e. Other Statewide/Regional Organizations
a. Community Economic Development Fund (CEDF) - Provides loans and technical assistance to Connecticut small business owners, primarily in low-to-moderate income communities, who are not able to obtain traditional bank financing.
b. Connecticut Community Investment Corporation (CTCIC) - Provides access to capital that may not be available elsewhere as well as financing opportunities for expanding businesses looking to purchase real estate and/or machinery and equipment.
c. BDC Capital - Pools money from many financial institutions to share the risks of helping promising companies expand. BDC Capital provides financial assistance with loans, mezzanine and equity investments, guarantees, and financial services to businesses of every type and description.
d. Women’s Business Development Council (WBDC) - Is converting its entrepreneurial programs and business counseling to virtual classrooms via Zoom or on-demand webinars. WBDC is also prepared to assist clients who will apply for the SBA Small Business Disaster Relief Loan. For more information, visit: ctwbdc.org or email firstname.lastname@example.org.
e. Connecticut Small Business Development Center (CTSBDC) - The center has 14 Business Advisors available to assist with the SBA Economic Injury Disaster Loan application. Advisors provide no-cost, confidential assistance with forecasting loss, explaining impacting, reviewing statements, and discussing other loan and assistance options. CTSBDC continues to offer online training courses and assistance with business plans, marketing strategies, and market research. Visit CTSBDC’s COVID-19 Resource Center at https://ctsbdc.com/covid19-businessresourcecenter/ and register for EIDL assistance at https://ctsbdc.com/request-advising/grow-a-business/