Yes, as long as the funding is not duplicative. For example, if you received PPP for rent this funding request should be for another expense such as salary, equipment, or utilities.

January 5, 2021 - 6:30 P.M.

January 7, 2021 - 10:00 A.M.

The City of Milford will offer assistance to Milford businesses through the Community Development Block Grant - Coronavirus Aid, Relief and Economic Security Act (CDBG-CV). A business owner may be eligible for funds in the form of a reimbursement for expenses incurred after March 27, 2020 directly related to planning, preparing and/or responding to the economic impact of the coronavirus. The program seeks to strengthen and enhance small businesses, while benefiting employment opportunity for low- and moderate-income households. Applications will be reviewed based on overall need and eligibility of the business.

Please find more information about the grant and related documents here.

·    $600 for adults making up to $75,000 and $600 for each dependent child. 

·    $300/week additional unemployment benefit through March 14, 2021. 

·    Establishes first-ever emergency federal residential rental assistance program ($25 billion) to be distributed by state and local governments. Extends existing CDC eviction moratorium through January 31, 2021. 

·    Relief for cancellation of indebtedness on principal residence 

·    Extend enhanced unemployment benefits for jobless workers, who will receive up to $300 per week through mid-March. Self-employed people and gig workers will also receive extended assistance.

·    $25 billion to help families pay their rent, and it extends the eviction moratorium now in effect until Jan. 31.

·    $13 billion for the Supplemental Nutrition Assistance Program.

·    PPP loans: The agreement includes some $284 billion for Paycheck Protection Program loans.

·    Full deductibility for business expenses paid with PPP proceeds.

·    A second round of PPP loans for struggling businesses that have seen a 25% drop in revenues, including $15 billion in funding for live entertainment venues, movie theaters, and museums that are experiencing significant revenue loss 

·    $15 billion would be reserved for live venues, independent movie theaters and cultural institutions, which have been struggling due to pandemic-forced closures.

·    $10 billion for child care centers to help providers safely reopen.

·    Provides a one-year extension to January 1, 2022 of a CARES Act provision passed in March allowing lenders leeway for how they treat troubled debt, thus making it easier to provide flexibility to the terms of a lease.

·    S. 4479, a set of temporary commercial bankruptcy provisions to help commercial landlord and tenants, particularly small businesses. Another provision gives small tenants the benefit of more time to defer rent in their bankruptcy case as well as repay the deferred rent over time. 

·     $68 billion to purchase and distribute COVID-19 vaccines and help states conduct testing. According to the Republican summary, $20 billion of that funding will make the vaccine available at no cost for anybody needing it.

·    The measure also includes a provision ending surprise medical billing. Patients would be required to receive a "true and honest cost estimate" three days before any scheduled procedure and that billing disputes would be subject to arbitration.

 Tax Items 

·    Employee retention tax credit (ERTC) modifications. The provision extends and expands the credit through 6/30/2021 and retroactively allows employers who receive Paycheck Protection Program (PPP) loans to qualify for the ERTC. 

·    The cost of meals a deductible business expense.

·    Extends the deadline for states and localities to use CARES Act funds to 12/31/21.    

Hosted by CTSBDC

December 23, 2020 9 A.M.

December 30, 2020 Noon

January 5, 2021 9 A.M.

CTSBDC Business Advisors, are very familiar with the mechanics of the initial rounds of PPP funding, will provide insight into the next Federal relief package to help get you ready.  

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Hosted by CT Restaurant Association

December 23, 2020 10 A.M.