Yesterday I participated in the conference call with the Governor and the Commissioner of the Department of Economic and Community Development. The call specifically focused on issues relevant to the business community regarding the COVID-19 pandemic. A recording of the call is available at the following sites and I would highly recommend you listen to it as soon as you can.
Below is a summary of the areas discussed:
1. Unemployment. The Labor Department has relaxed the rules for unemployment benefits. For employers not laying off or doing furloughs, they can partner with the Department of Labor through the shared work program that can help supplement the employer benefit wages through DOL.
2. Lending: Both short term and long term borrowing option are available.
A. SBA Disaster Relief: This allows loans up to $2 million amortized over 30 years at rates between 2.75%-3.75% interest.
B. Bridge Loans: Connecticut will offer small bridge loans for short term (3 months to 1 year) early next week.
3. Loan Forbearance: The State will forbear collecting interest on business loans from any state lending program. The Commissioner is encouraging lenders to consider offering similar relief.
4. Tax Relief: The pass-thru entity tax and Connecticut Corporation Business tax deadline has been extended to June 15.
5. Regulatory Relief: The state is looking at temporary regulatory relief. The state is seeking input on the types of regulations that could be relaxed to benefit the business community.
6. Utility Cost Relief: PURA has announced a 30-day moratorium for any shut-off on electric, gas, and water bills for individuals and businesses.
7. Federal Government Assistance: Paid Federal family leave and sick leave passed the House Friday night. If adopted into law the bill would mandate 2 weeks of paid sick leave and up to 12 weeks of family and medical leave for all employees. The IRS would provide a tax credit to businesses to pay for this.
Please call the DECD small business hotline 860-500-2333 or email [email protected] with questions.