- More than 2,000 Connecticut businesses receive grants under a recent grant program
- “Bridge” grants designed to help companies until they can receive PPP funding
- Approximately 60,000 businesses have received state aid since the start of the COVID-19 pandemic
Just over 2,000 Connecticut businesses have received a boost under the state’s Connecticut Business Recovery Grant program, designed to assist companies that have suffered major revenue losses during the COVID-19 pandemic.
A total of 2,008 businesses have received grants of between $10,000 and $30,000. No applications were necessary, as the state determined eligibility based on filings with the Department of Revenue Services. The grants were directed at businesses that were too large to qualify for a previous $50 million grant program and have suffered an annual revenue loss of at least 20 percent.
Sixty percent of the grants went to businesses in the hospitality sector, such as restaurants and hotels. The remainder was split between retail and other service industries, such as salons and entertainment.
The grants are intended to assist hard-hit small businesses until forgivable Paycheck Protection Program loans, revived under a stimulus bill passed last month, become available. The new round of PPP funding, which is limited to smaller businesses, began accepting applications this week with community financial development institutions getting first priority. Connecticut is expected to receive about $3 billion in PPP funds.
Approximately 60,000 businesses in Connecticut have received state assistance.
