COVID-19 Business Update 4.2.20

!!! ALERT !!!!

We have been notified businesses have been contacted by phony SBA representatives, please make sure you are dealing with the appropriate officials before you sign any documents.

If you are unsure, contact jnash@milfordct.gov, Senator James Maroney at maroney@senatedems.ct.gov or the SBA hotline.

Paycheck Protection Program Guidance

SBA Payroll Protection Program details are here. The program will begin accepting application tomorrow 4.3.20. You can roll an SBA loan into this program but each loan cannot be used for the same expenses. You can see a sample application here.

Paycheck Protection Program (PPP) Vs. Economic Injury Disaster Loan (EIDL)

Paycheck Protection Program (PPP) Webinar

Your Paycheck Protection Program (PPP) Application Walk-Through Webconference:

Friday, April 3 @ 11 a.m. EST

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. MetroHartford Alliance will take a practical approach to the application process with help from Drew Andrews, CPA, Managing Partner and CEO at Whittlesey; Brian Kerrigan, J.D., Partner at Whittlesey; James Barger, Senior Vice President, Market President and Commercial Banking Leader for the CT/MA Market, Key Bank; and Julio Casiano, Deputy District Director at the Small Business Administration.

Discover Milford, CT

Discover Milford, CT created a web page for restaurants offering delivery and/or curbside take out here. We will also start sharing offerings in other businesses, please send an email to cschull@milfordct.gov and jnash@milfordct.gov to let us know what you are doing to keep customer engaged and buying. Visit Discover Milford, CT

Business During & After Covid-19

A Webinar with David Salinas & Pete Sena of Digital Surgeons and District New Haven

Brought to you by the Milford Regional Chamber of Commerce & Milford's Economic Development Department

Companies of all industries and sizes must think differently about business moving forward. Some things are expected to go back to the usual, while others will likely stay in the new normal.

Join us for a panel discussion where Julie Nash, Director of Economic Development, David and Pete discuss what is going on, and answer submitted questions.

Submit questions to makayla.silva@gmail.com and/or jnash@milfordct.gov.

David and Pete are the yin and yang of business and marketing strategy, Grit and Wit. Milford residents, Cofounders of Digital Surgeons, District New Haven, and more. They've worked with everyone from Lady Gaga and UTC. You can find more about Pete and David on their LinkedIn pages:

https://www.linkedin.com/in/petersena/

https://www.linkedin.com/in/davidsalinas/

Join us April 8th, 2020 10:00am ET

Click to join Zoom Meeting

or copy and paste into your web browser: https://zoom.us/j/4430575328

Who do I contact for funding technical assistance?

Trained professionals are available to guide you through both the SBA Disaster Loan Assistance and State of Connecticut Bridge Loan (when available). They are:

Small Business Development Center

Women's Business Development Center

State of CT DECD Business Resources

SCORE

Minority Business Development Agency (MBDA)

What is available to me right now?

Unemployment for work, shared work & self employed

State of CT Bridge Loan (ON HOLD)

Economic Injury Disaster Loan and Loan Advance

The Small Business Owner's Guide to the CARES Act

DOL Guidance Family and Medical Leave Act

State of Connecticut Department of Revenue Services Deferment of Sales & Use Tax

Paycheck Protection Program (PPP)

FAQ

Can I apply for both SBA and CT Bridge Loan?

Yes, they were meant to work in tandem. However, due to overwhelming response, the State of CT Bridge Loan program is not accepting new applications at this time.

If I am self employed can I apply for unemployment?

Yes! It is a case by case situation, but please apply as the federal proposals will soon go into effect.

What banks are SBA lenders in Connecticut?

Click here.

Do I have to apply for the SBA loan in order to access the grant?

Yes.

Can I apply for everything?

Yes, but you can not double dip. If you use SBA for payroll then you cannot access PPP and vice versa.

Can I roll SBA into PPP?

Yes.

If I am denied the SBA loan can I still keep the $10,000 loan advance/grant?

Yes.

Additional Resources

DECD's COVID-19 Business Emergency Response Unit

The Connecticut Department of Economic and Community Development (DECD) has created a COVID-19 Business Emergency Response Unit dedicated to assisting businesses navigate resources and develop new resources. A dedicated phone line is available at 860-500-2333 to provide assistance to Connecticut's small businesses for this purpose.

Please reach out with additional questions and concerns. Stay safe, healthy and wash your hands!

Best,

Julie Nash

Director of Economic and Community Development

City of Milford

70 West River Street

Milford, CT 06460

jnash@milfordct.gov

Phone 203-783-3230

Fax 203-878-7394