For businesses unable to get insurance payments from pandemic-related business interruption claims, attorney Stephanie Cummings with Carmody Torrance Sandak & Hennessey in Waterbury noted there are alternative routes to financial assistance. She recommended that businesses first explore the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, which offers a potentially forgivable loan aimed at helping […]
For businesses unable to get insurance payments from pandemic-related business interruption claims, attorney Stephanie Cummings with Carmody Torrance Sandak & Hennessey in Waterbury noted there are alternative routes to financial assistance.
She recommended that businesses first explore the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, which offers a potentially forgivable loan aimed at helping businesses keep their employees on payroll. The deadline to apply is the end of this month.
Eateries can pursue the SBA’s Restaurant Revitalization Fund. The program can provide restaurants with funds equal to their pandemic-related revenue loss up to $10 million per business. Visit restaurants.sba.gov for more information.
Business owners may also benefit from Section 1112 payments under the Coronavirus Aid, Relief and Economic Security (CARES) Act, which can help cover loan debt. The Families First Coronavirus Response Act (FFCRA) can provide payroll tax credits.
Women entrepreneurs may take advantage of the Women’s Business Development Council Equity Match Grant. The program has more than $1 million to help female business owners through grants between $2,500 and $10,000.
The state Insurance Department notes that companies can apply for disaster relief loans through the SBA. Visit www.sba.gov/disaster for more information.
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