Businesses urged to apply for PPP funds

More than 22,000 Connecticut businesses were approved for nearly $2 billion in loans in the first few weeks following the federal Paycheck Protection Program’s re-opening in January.

But officials said Tuesday that there is still a great deal of funding available for small businesses that are struggling during the COVID-19 pandemic.

“There is still PPP money out there,” Lt. Gov. Susan Bysiewicz said during an online forum hosted by the Women’s Business Development Council. “I was on the phone today with banks that have that money ready to go. You just have to apply for it.”

Elected officials and the WBDC leaders are again urging small businesses to avail themselves of initiatives such as the Paycheck Protection Program after the $1.9 trillion American Rescue Plan was signed into law last week. The PPP was created through the CARES Act passed by Congress in March 2020 and has been replenished through the ARC and the $900 billion stimulus approved last December.

“You can get them through a bank, and so long as the expenses in that (PPP) loan are used for payroll, rent, mortgage, utilities — that sort of thing — they become grants,” said U.S. Rep. Jim Himes, a seventh-term Democrat whose district covers most of Fairfield County. “The good news is that the $1.9 trillion American Rescue Plan added another $7 billion to that fund, and we still have substantial money left in that fund. When I last checked, it was about $120 billion. If you’re a nonprofit organization, a small business or sole proprietor and haven’t thought about a Paycheck Protection Program loan, now is the time.”

At WBDC, services include weekly information sessions on PPP and appointments with business advisers.

“WBDC has been and will continue to work with business owned by women — and men — throughout our state,” Pastore said. “We will hand-hold you through the PPP application process. If you do need help, please reach out to us.”

Businesses can apply again if they have already received a PPP loan.

“I highly recommend that wherever you did get the first round of PPP that you first approach that financial institution for your second round,” Pastore said. “It’s easier and cleaner if you stick with the same financial institution.”

Among other Small Business Administration programs created through the stimulus bills approved in the past year, Himes cited the $15 billion Shuttered Venue Operators Grant program and the $29 billion Restaurant Revitalization Fund.

In addition, Himes is hopeful that small businesses would benefit from the aid being disbursed to local and state governments through the American Rescue Plan.

“The reason I bring it up in this context is it’s also allowed to be used — both state and local money — for projects around water, sewer and broadband infrastructure,” Himes said. “The reason I wanted to mention that is because projects that involve sewer, water and broadband infrastructure often involve contractors — electrical contractors, construction contractors, etc.”

Among other initiatives, the WBDC is running its Equity

Match Grant Program, which provides grants between $2,500 and $10,000 to help women-owned businesses pivot, expand or restructure. The application window for its second round has closed, but a third round will be announced next month.

Many small business owners — particularly in industries such as leisure and hospitality — will also likely benefit from the next phase of the state’s re-opening, which starts Friday. Among the key changes, businesses will generally be able to return to full capacity, although they will still have to adhere to social distancing guidelines.

“What’s really important to remember is that our ability to re-open is really dependent upon all of us continuing to do our part to keep each other safe,” said Bysiewicz, a Democrat serving her first term as lieutenant governor. “It’s really important that everybody continues to wears their masks, washes their hands and keeps their distance.”