As of 8:00 tonight, all bars, restaurants, gyms, and movie theaters are to be shut down “until further notice.” For most all of us, COVID-19, and its drastic impact on our day to day lives and businesses, is already unprecedented. While the health and well being of the people of the State of Connecticut and containment of COVID-19 is at this point of paramount importance, the present situation marks the beginning of what will in all likelihood be a protracted period of uncertainty for businesses of all kinds and sizes. Most all Connecticut businesses will face new and unique challenges and questions.
We at Halloran Sage remain ready and willing to assist our business clients in every way possible, and to keep you informed of developments.
In this first alert, we are sharing an update to the status of assistance efforts in Connecticut on March 16, 2020.
As of this afternoon Connecticut has received SBA economic disaster declaration. This will allow small business to apply online for financial assistance in the form of a disaster loan. The website is https://disasterloan.sba.gov. The loan program provides low interest rate loans of up to $2.0 million to businesses impacted by COVID-19, and who otherwise meet the eligibility requirements. The SBA has indicated that the site is user friendly, and they are looking for a 3-week turnaround processing time.
The State’s website with much useful information is https://portal.ct.gov/coronavirus
For more information or if you have any specific questions, please contact
Suzanne M. Scibila | scibilia@halloransage.com | 860.704.6868
Joseph G. Fortner, Jr. | fortner@halloransage.com | 860.297.4609
Richard P. Roberts | roberts@halloransage.com| 860.297.4695