Letter by coalition of business groups explained need for further economic support
HARTFORD (Oct. 20, 2020) Today, Governor Ned Lamont announced he will be providing $50 million in CARES Act funds to some of the smallest small businesses in the form of grants to assist them in recovering economically from the pandemic. The program will provide businesses in Connecticut that have fewer than twenty employees or a 2019 payroll of less than $1.5 million with a one-time grant of $5,000. NFIB’s State Director Andrew Markowski reacted to the announcement:
“We are at a critical juncture seven months into the pandemic because the smallest businesses had little in the way of cash reserves, they’ve used up paycheck protection loans, and they probably are deciding if they can stay open. These grants may help them to cover rent, buy supplies and get through this difficult time.”
“There is a new optimism among many small business owners nationally, but the entrepreneurs with just a few employees have had a harder time. If they can make it until there is a vaccine and consumer confidence returns, they may help lead Connecticut’s recovery. This is a first step, but small businesses harmed financially through no fault of their own, may need additional assistance in the future.