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SBA, Treasury Issue New Guidance on PPP

  • U.S. Small Business Administration and Treasury Department issue interim rules on new Paycheck Protection Program
  • Separate documents issued for first-time loans and second draw loans, although the rules are similar in several areas
  • SBA outlines several exclusions, ranging from top earners to entities controlled by government officials
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Private Payrolls in U.S. Drop for First Time in Eight Months

  • ADP National Employment Report sees a drop of 123,000 in private payrolls in December, the first decline since April
  • Industries that have been hardest hit during COVID-19 pandemic again see major losses as new surge in infections prompts more restrictions and lockdowns
  • ADP report is generally not seen as a predictor of the monthly Labor Department jobs report due to different methodologies
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How Businesses Can Prepare for the Second Draw of PPP Loans Ahead of SBA Guidance

  • SBA will issue guidance on a new round of PPP funding, but small businesses can begin getting the necessary paperwork in order now
  • Payroll information, employment records, tax documents, and other paperwork should be at the ready
  • Working with an accountant, bookkeeper, or other financial professional is key
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In State of the State Address, Lamont Stresses “Connecticut’s Comeback”

  • Governor Ned Lamont kicks off Connecticut’s 2021 legislative season with an optimistic look at the state
  • Address stresses regional efforts, health care, and incoming residents
  • Lamont also addresses ongoing small business grant programs and progress toward a $15-an-hour minimum wage
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How Should Employers Address the Unused Vacation Time Employees Built Up in 2020?

  • Employees frequently left vacation time unused in 2020 due to the COVID-19 pandemic
  • Companies have sometimes made exceptions to their paid time off policies to give workers time to take vacation days
  • Employers considering more permanent policy changes should consider the financial impact as well as the potential for operational disruptions
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CTNext Seeking Pitches for Entrepreneur Innovation Awards

  • Competition normally held three times a year in various locations goes online due to COVID-19
  • Connecticut startups have until Jan. 14 to apply for $10,000 grants
  • Entrepreneurs must have a “clear deliverable milestone” to qualify
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How Connecticut Employers Can Determine Eligibility for the COVID-19 Vaccine and Get Doses to Qualifying Employees

  • Connecticut proceeding swiftly with first phase of COVID-19 vaccine distribution, but has yet to determine eligibility for the next phase
  • Employers are encouraged to take an active role in providing access to the vaccine to qualifying employees
  • At the same time, state officials ask employers to use their best judgment to ensure the most efficient distribution of vaccine doses
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Guidance Can Be More Helpful Than Funding When Launching a Business

  • “Contrarian entrepreneur” Carey Smith suggests that too much emphasis is placed on acquiring funding when starting a business
  • Smith encourages entrepreneurs to focus on finding the appropriate guidance to ensure the success of their venture
  • Entrepreneurs should have a clear purpose in launching their company rather than just an aspiration to make money
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