|Business Emergency Response Unit: The Connecticut Department of Economic and Community Development (DECD) is launching the COVID-19 Business Emergency Response Unit, which will be dedicated to helping businesses in Connecticut navigate the resources available to them during this crisis. Small businesses seeking guidance can reach this unit by calling 860-500-2333.|
Important Survey: In addition, DECD and Advance CT, a nonprofit organization that works to advance economic competitiveness in Connecticut, today began distributing a comprehensive survey to businesses to get information on what types of resources they need throughout the duration of this pandemic. This will help the state gather important information on the economic recovery from the COVID-19 pandemic. The data collected will guide the governor as he puts together economic relief efforts; please click here and take a moment to fill out the survey.
Conference Call With the Governor: The Department of Economic and Community Development has scheduled a conference call tomorrow, Thursday, March 19th from 1:00 to 2:00 p.m., open to all businesses, Chambers of Commerce, stakeholders and other in-state partners. On this call, Governor Ned Lamont and DECD Commissioner David Lehman will share how the state is responding to the economic dimensions of this crisis.
Thursday, March 19, 2020
1:00 to 2:00 p.m.
Dial in: 1-888-456-0356
Alternatives to Layoffs: If you are in the unfortunate situation of needing to temporarily reduce your workforce, Connecticut's Shared Work program can help! Shared Work, designed to save jobs and retain skilled workers, offers an alternative to layoffs by allowing 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. This is a win-win for employer and employee alike. Learn more and apply for the program here.
Emergency Financing: The U.S. Small Business Administration (SBA) has set up an emergency loan fund to assist small businesses affected by the Coronavirus. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Information about accessing the loans can be found by clicking here.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.