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April 21, 2020

CT companies notch $184M in federal injury disaster loans

Photo | HBJ File Young manufacturing workers in Connecticut are earning higher wages compared to their counterparts in many other industries.
By Greg Bordonaro

Connecticut companies have been approved for nearly $184 million in federal injury disaster loans launched in the wake of the COVID-19 pandemic, the U.S. Small Business Administration disclosed Tuesday. 

The funds come from two types of Economic Injury Disaster Loans (EIDL) established to help small businesses overcome temporary revenue losses as a result of the coronavirus, which has shutdown significant parts of Connecticut’s economy. 

There were 9,549 so-called “advance” loans processed for Connecticut companies valued at $41.5 million. Those loans were offered to small employers at $1,000 per employee up to a maximum of $10,000 and are forgivable.  

Another 696 EIDL non-forgivable loans were processed for Connecticut companies worth $142.4 million. 

Both programs, which were open to small businesses or nonprofits with less than 500 employees, have run out of money but the Senate Tuesday approved an additional $60 billion for them. That funding still needs to be approved by the House, which is expected to vote on the larger $484 billion stimulus package on Thursday.

The EIDL loans differ from the federal funding provided under the $350 billion Paycheck Protection Program, which also ran out of money last week.

More than 18,000 PPP loan applications worth $4.1 billion have been approved for Connecticut companies, SBA said Friday.

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