skip to Main Content
MSJ NEWS see latest news

SBA Connecticut District Office Says State Businesses Have Received More Than $12 Billion in Federal COVID-19 Relief

  • Connecticut District Office of the U.S. Small Business Administration details how much COVID-19 relief funding Connecticut businesses have received
  • The vast majority of the funds have come through the Paycheck Protection Program
  • Legislation has also strengthened traditional SBA loan products and established targeted grant programs

Summary by Dirk Langeveld

Connecticut businesses have received more than $12 billion in federal aid through COVID-19 relief programs administered by the U.S. Small Business Administration, the SBA’s Connecticut District Office announced recently.

District Director Catherine Marx recently shared the data on how Connecticut’s businesses have benefited from the programs. The bulk of the aid came through the Paycheck Protection Program, which offered forgivable loans to help employers maintain payroll during government-mandated shutdowns and restrictions. More than 64,000 Connecticut businesses received $6.7 billion in PPP loans between its inception in March 2020 and the end of the initial funding rounds in August 2020.

After PPP was restored under the Economic Aid Act, enabling small businesses to apply for either a first draw or second draw loan, more than 50,000 additional loans totaling $3.1 billion were approved for Connecticut businesses. The program recently exhausted its available funding, with the exception of a set-aside for community financial institutions.

More than 36,000 small businesses in Connecticut have received $2.2 billion in Economic Injury Disaster Loans. These low-interest loans help small businesses to recover from disasters that affected their revenues.

Marx did not provide any figures for the Shuttered Venue Operators Grant program, which provides assistance to arts and cultural organizations, and the Restaurant Relief Fund, which provides grants to food and beverage businesses. However, the SBA has announced that it has issued more than 16,000 awards totaling more than $2 billion through the latter program.

Marx credited the success of the programs to the Connecticut District Office’s partnership with several partner organizations, including SCORE, the Small Business Development Center, the Women’s Business Development Council, the UHART Entrepreneurial Center/WBC, the Connecticut Department of Economic and Community Development, and several other business organizations.

Marx said the SBA will continue to support small businesses through its traditional loan products as well. She noted that the Economic Aid Act supports better access to capital by providing higher loan guarantees, fee waivers, and payment relief for the SBA’s 7a and 504 loan programs.

Spread the Word

More To Explore

Expert Summaries

Know Your Competitors

By Denis Jakuc 

There are tons of benefits to knowing who your competitors are—what they’re offering, their strengths and weaknesses. That knowledge can help you make your products and services stand out,

Latest News

Join with Free InnovatorsLINK Account

Start accessing all the free member benefits and valuable content on the InnovatorsLINK platform. Create a BizLINK listing to boost brand exposure, receive the weekly Main Street Journal newsletter, engage in forums, get full access to free content, and more.