- Connecticut DECD begins accepting applications for its CT Cares Small Business Grant Program
- Eligible companies can receive a one-time grant of $5,000, to be disbursed by the end of December
- Application period will close at 5 p.m. on Nov. 19, but could reach full capacity much sooner
The Connecticut Department of Economic and Community Development has started to accept applications for its CT Cares Small Business Grant Program. Business owners who have been negatively impacted by the COVID-19 pandemic are urged to apply as soon as possible, since the application period will only be open for a week and the program could reach full capacity much sooner.
The program opened on Thursday evening, and the window for applications is expected to remain open until 5 p.m. on Nov. 19. However, the Hartford Business Journal suggests that available funds could be depleted as early as the end of the day today.
The CT Cares Small Business Grant Program makes available $50 million to be disbursed in $5,000 grants to small businesses and nonprofits. Qualifying recipients must have fewer than 20 employees or a 2019 payroll of less than $1.5 million, and meet a variety of other requirements such as a founding date no later than Oct. 1, 2019.
The program is partially funded through the federal CARES Act, which provided sweeping relief at the outset of the COVID-19 pandemic. Recipients can use the grant funds for rent, payroll, utilities, or other acceptable purposes.
The DECD plans to distribute half of the funds to the 25 cities and towns in Connecticut that have been designated as distressed municipalities. All grants will be disbursed by Dec. 30.
The state previously launched the Connecticut Recovery Bridge Loan program, which provided $41.8 million in zero-interest loans to 2,122 companies affected by the pandemic. A separate program provided $9 million in funds for struggling performing arts venues.
More information on the CT Cares Small Business Grant Program, including an online application, is available here.
