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CDECD LAUNCHES $50 MILLION CONNECTICUT SMALL BUSINESS GRANT PROGRAM

CDECD LAUNCHES $50 MILLION CONNECTICUT SMALL BUSINESS GRANT PROGRAM

The Connecticut Department of Economic and Community Development (CDECD) has created CT CARES Small Business Grant Program, a $50 million grant program to aid the COVID-19 recovery of small businesses in the state. Starting the week of November 9, 2020, eligible businesses and not-for-profits can apply for a one-time $5,000 grant.

The grant may be used for the purposes of payroll, rent or mortgage expenses, utilities, inventory, machinery or equipment purchases, or the associated costs of compliance with the CT Reopen Business Sector Rules. Business who received federal CARES Act, PPP or EIDL assistance are eligible, but the grant cannot be used for the same expenses incurred or expected to occur between March 1, 2020 through December 30, 2020.

Eligible businesses include for-profit of any incorporation type, home-based, sole proprietorship, and 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(7), and 501(c)(19) nonprofit organizations. They must also meet the following criteria:

  • Must have no more than 20 FTEs in 2019 across all CT locations, or a total 2019 payroll of less than $1.5 million, including affiliated companies
  • Must be able to demonstrate a YTD revenue loss of 20% or more as of Sept. 30, 2020, over the same period the prior year
  • Must have been established by Oct. 1, 2019 and active as verified by DRS
  • Must be viable with plans to reopen and rehire any employees let go due to COVID as business conditions recover, and have a material financial need that cannot be overcome without the grant
  • Must be in good tax standing with DRS, on a payment plan, or consent to use some/all of the grant to cover delinquency

Excluded businesses include those more than 50% owned by an umbrella establishment with more than 500 FTEs, and those who earn the majority of their revenue through medical marijuana, alcohol and tobacco sales, gambling, gun ranges and sales, quick cash services (i.e. pawn shops and cash advance), bail bonds, collection agencies, and auction, bankruptcy, fire or similar sales.

Applicants may only receive one grant, regardless of multiple locations. The program has prioritized $25 million of the grants for businesses in the state’s 25 distressed municipalities.

All funds will be distributed to approved applicants by December 30, 2020.

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