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Updated: May 4, 2020

30K CT companies granted $2.5B in second round of PPP

HBJ Photo | Joe Cooper Downtown Hartford.

Nearly 30,000 small business loan applications worth over $2.5 billion have been approved for Connecticut companies as part of the federal government’s second round of Paycheck Protection Program (PPP) funding, new data shows.

The loan program overseen by the U.S. Small Business Administration (SBA) -- replenished with an additional $310 billion last week -- on Monday announced that 29,559 low-interest loans totaling $2,556,813,941 were approved for in-state companies as of Friday.

Nationally, 2,211,791 loans totaling more than $175.7 billion were approved in the latest funding round. The average loan size was about $79,000, SBA said.

Connecticut has the second-highest loan volume in New England, behind only Massachusetts, which had 48,768 loans approved worth more than $4.3 billion in the second round of funding, SBA data shows. New Hampshire was third with 8,929 loans approved worth almost $572.9 million.

SBA launched the PPP on April 3 with $349 billion from the massive stimulus legislation known as the CARES Act. More than 18,000 Connecticut companies received about $4.1 billion in loans during that first round of funding.

The program received another $310 billion on April 27, after the initial funding pool dried up within two weeks, as small companies across the country struggle to stay afloat during the coronavirus pandemic.

Technical issues plagued the second round of emergency funding that opened a week ago, with users reporting error messages and slow processing. Those problems mirrored the initial rollout of the PPP.

Many small businesses in Connecticut, and elsewhere in the U.S., have not been able to obtain emergency aid offered by the PPP. 

Under the program, a business with fewer than 500 employees can borrow up to 250% of its 2019 average monthly payroll costs as a two-year, 1% note, with repayment deferred for a period of six months. In the first eight weeks after the loan is approved, any amount the business spends on payroll costs, rent, mortgage interest and utilities will be forgiven by the lender on a tax-free basis.

Read SBA’s state-by-state breakdown here.

A CT Mirror report contributed to this story

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April 22, 2020

Mass's total business/economy is probably 3-4X bigger than CT with almost twice the population..and growing.

April 17, 2020

Why has Massachusetts been approved for such a disproportionately large number of applications and total value compared to Connecticut?

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