Loan program launched to help Connecticut small businesses

Published on Thursday, 26 March 2020 10:48
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ASSOCIATED PRESS

HARTFORD - Connecticut businesses and nonprofits harmed by the cononavirus pandemic can begin applying for short-term, no-interest loans under a new program administered by the state's Department of Economic and Community Development, details of which were released Thursday.

Small businesses and nonprofits with 100 or fewer employees that are in good standing with the Department of Revenue Services and have been profitable prior to March 10 can apply for one-year, no-interest loans of as much as $75,000 to help with cash flow.

Businesses and nonprofits eligible for the $25 million Connecticut Recovery Bridge Loan Program may apply online and request a six-month extension.

Companies involved in real estate, multilevel marketing, adult entertainment, cannabis, and firearms are not eligible.

New Haven on Thursday announced its own “economic resiliency program,” dubbed Together New Haven.

PRISON MASKS

Connecticut's Department of Correction said prison inmates produced more than 3,300 cotton fabric face masks during the first two days of full-scale manufacturing, which began Monday.

The agency said Thursday it estimates at least 1,200 to 1,400 masks can initially be produced daily. That number may grow as the production process is streamlined. The masks are intended to be used in emergency situations when N95 respirators or surgical masks are not available.

The agency's Correctional Enterprises of Connecticut unit operates several production sites within facilities that manufacture items such as highway signs, furniture and mattresses.



Posted in New Britain Herald, Business, General News on Thursday, 26 March 2020 10:48. Updated: Thursday, 26 March 2020 10:50.