Connecticut, thru DECD, is pushing through a new grant program to distribute $35 million in emergency funds to restaurants, bars and other small to mid-sized businesses in an attempt to help keep them in business until the federal COVID19 pandemic relief bill is in effect.
Businesses whose revenues are down by at least 20% will go into a pool, with grants then calculated by a formula based on tax and payroll data. Grants will be between $10,000 and $30,000, with a goal of helping 2,000 businesses too big to qualify for the last round of Small Business Grants which provided $5,000 grants to 10,000 businesses with 20 or fewer employees. Both grants are funded with money from the CARES Act. Connecticut hopes to issue these grants before the end of the year, with further details expected later this week. At this time there is no application. Businesses should be prepared to apply as soon as the application is available online. We will keep you all posted.