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Business News Roundup, Dec. 29, 2021

Hopes that a recent CDC change will help relieve worker shortages, Omicron's effect on the fitness industry, higher office costs, and a new pandemic high for COVID-19 test positivity in Connecticut are among the top business news items this morning.…

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Report: PPP Loans Fuel Surge in Small Business Lending in 2020

  • Data released under the Community Reinvestment Act shows major boost in loans for small businesses and community development in 2020
  • Paycheck Protection Program credited for increasing the number of loans as well as loan amounts
  • Small farm loans decrease in 2020, though their dollar amount increases
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Business News Roundup, Dec. 28, 2021

A call for greater state involvement on COVID-19 response, a shortened recommendation on COVID-19 isolation, rising startup valuations as investors give more attention to early-stage companies, and a record high COVID-19 infection rate in Connecticut are among the top business…

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Report Highlights Opportunities, and Needs, That Offshore Wind Creates for Connecticut

  • New report offers recommendations on how Connecticut can be a leader in offshore wind projects
  • Report was commissioned by the Chamber of Commerce of Eastern Connecticut along with Eversource and Ørsted, who are partnering on several offshore wind projects
  • Recommendations include port developments, improving workforce training, and active efforts to promote and support offshore wind operations in the state
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Deadline For COVID EIDL Applications Arrives This Week

  • COVID Economic Injury Disaster Loan program to expire on Dec. 31
  • U.S. Small Business Administration will continue to process applications for loans as well as Targeted EIDL Advance grants after the deadline
  • The expiration marks the close of the SBA’s COVID-19 emergency financing programs
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Should Business Requirements of COVID-19 Vaccination Extend to Include Boosters?

  • With the spread of the COVID-19 Omicron variant, more businesses are considering whether to mandate booster shots
  • The issue poses a tricky question, as federal COVID-19 vaccination rules currently only address the initial doses without referencing boosters
  • The definition of “fully vaccinated” could potentially be updated to include boosters at a later date
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My Business Jump Start 2022 to Open Registration on Jan. 10

  • Program looking to promote and support new business creation in Connecticut returning next year
  • My Business Jump Start will run from Jan. 10 to March 15
  • Those who successfully complete the program’s exam can compete for a $10,000 award
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How Might the SBA Seek to Expand Its Loan Products as BBB Faces an Uncertain Future?

  • Potential demise of the Build Back Better Act would also scrap a provision that would allow the U.S. Small Business Administration to provide direct loans
  • Provision sets aside $2 billion to allow the SBA to directly make loans of up to $150,000, or up to $1 million for certain recipients
  • Former SBA official suggests the agency could seek to expand its pool of lending partners as an alternative to direct lending
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Six Connecticut Counties Are Eligible for Agricultural Disaster Aid Due to Hurricane Ida

  • Agricultural declaration approved for six Connecticut counties related to the remnants of Hurricane Ida
  • Declaration allows eligible agricultural firms to qualify for emergency loans and other disaster assistance
  • Farmers can still apply for assistance for production losses brought on by Tropical Storm Elsa in July
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