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Time is of the essence if you want to get federal stimulus money for your small business.
That was a key takeaway from a webinar featuring U.S. Sen. Chris Murphy on Monday afternoon.
The webinar, “Understanding the Federal Stimulus Program,” was jointly hosted by the Greater New Haven Chamber of Commerce and Quinnipiac Chamber of Commerce.
The webinar attracted some 400 participants eager to learn more about the recent $2 trillion federal stimulus package and how it can help companies weather the coronavirus crisis.
As of Monday afternoon, Gov. Ned Lamont’s office reported a total of 2,571 state residents had tested positive for the virus, with 517 hospitalizations and 36 fatalities.
The stimulus package includes $350 billion earmarked to help small businesses survive. The package includes loans which can be forgiven if companies meet certain requirements, such as maintaining payroll.
“Hopefully, this is a once-in-a-lifetime situation for us,” Murphy said. “Every business is in a different situation right now.”
Garrett Sheehan, president of the New Haven chamber, who moderated the webinar, asked Murphy when businesses can expect to receive money.
Murphy didn’t give a specific timeline, adding that it is up to lenders how quickly money is distributed.
“There is a limited amount of money, and we don’t know how far it will go,” Murphy said. “It is important to get in touch with your [Small Business Administration] lender soon.”
Murphy urged participants to keep communication open with their SBA lender. Once money runs out, lawmakers will have to decide whether to provide additional assistance, and if so, how much.
Sheehan said, “This fund has the potential to run out, so time is of the essence.”
Murphy indicated that it remains to be seen how the coronavirus pandemic will change us as a country, and what ultimate impact it will have on the business community.
“We all know there are some businesses that won’t reopen,” he said.
Joe Ercolano, state director with the Connecticut Small Business Development Center, told participants they may be able to benefit from the Paycheck Protection Program, aimed at helping businesses retain employees, and Economic Injury Disaster Loans, (EIDL), which he said can provide a quick infusion of cash.
“If you need help, we are here to help,” Ercolano said.
The center’s website announces that expert assistance is available to help business owners complete their COVID-19 SBA Economic Injury Disaster Loan application.
The U.S. Small Business Administration’s website has small business guidance and loan resources.
The Connecticut Business & Industry Association’s website has a guide for small businesses to the federal stimulus package.
Miss the webinar? You can view the full program here.
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