PPP re-opens this week for small businesses and nonprofits
Please see this message from CT DECD Commissioner--
The Paycheck Protection Program (PPP) re-opens this week for small businesses and nonprofits impacted by the pandemic. This new round of federal funding includes $284 billion in forgivable loans for new borrowers and certain existing PPP borrowers.
Businesses working with community financial institutions (CFI) can apply for First Draw PPP Loans starting today, Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. According to the Connecticut Small Business Administration (SBA), the following CFI are participating in the program as of today:
New Haven Bank
Location: 299 Whaley Ave, New Haven
Contact: Bill Hice
Phone: (203) 787-9513
Email: Whice@newhavenbank.com
Nutmeg State Financial Credit Union
Numerous locations throughout Connecticut
Phone: (860) 513-5000
Email: BusinessLending@NutmegStateFCU.org
Additional community financial institutions may be added to the program. The SBA will also begin accepting applications from other lenders soon.
For additional information on terms, eligibility and applications, check the U.S. SBA PPP website or contact local partners, including:
- Connecticut Small Business Development Center (SBDC)
- Women’s Business Development Council (WBDC)
- Black Business Alliance (BBA)
- Spanish American Merchants Association (SAMA)
- HEDCO, Inc.
- Univ. of Hartford Entrepreneurial Center & Women's Business Center
- Minority Construction Council (MCC)
Other services such as Lantern, a new resource from our partner SoFi that helps match small businesses with SBA-approved lenders, are also available. Lantern closely monitors a lender’s application processing capacity ensuring borrowers receive a timely response and equal access to capital.
The PPP has been a lifeline for thousands of Connecticut businesses. We want to do all we can to make sure our small businesses are first in line.