Connecticut companies have been approved for nearly $184 million in federal injury disaster loans launched in the wake of the COVID-19 pandemic, the U.S. Small Business Administration disclosed Tuesday.
The funds come from two types of Economic Injury Disaster Loans (EIDL) established to help small businesses overcome temporary revenue losses as a result of the coronavirus, which has shutdown significant parts of Connecticut’s economy.
There were 9,549 so-called “advance” loans processed for Connecticut companies valued at $41.5 million. Those loans were offered to small employers at $1,000 per employee up to a maximum of $10,000 and are forgivable.
Another 696 EIDL non-forgivable loans were processed for Connecticut companies worth $142.4 million.
Both programs, which were open to small businesses or nonprofits with less than 500 employees, have run out of money but the Senate Tuesday approved an additional $60 billion for them. That funding still needs to be approved by the House, which is expected to vote on the larger $484 billion stimulus package on Thursday.
The EIDL loans differ from the federal funding provided under the $350 billion Paycheck Protection Program, which also ran out of money last week.
More than 18,000 PPP loan applications worth $4.1 billion have been approved for Connecticut companies, SBA said Friday.
