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April 10 COVID-19 Update: Here’s What Connecticut’s Businesses Need to Know

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. As of Monday,
April 6, 2020
, here are the latest updates leaders in Connecticut’s business community need to know.

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Insights  <  COVID-19 Update for April 10: Here’s What Connecticut’s Businesses Need to Know

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. As of Monday,
April 6, 2020
, here are the latest updates leaders in Connecticut’s business community need to know.

As the news surrounding the global COVID-19 pandemic continues to evolve, our team at blumshapiro is staying focused on answering the local business community’s most pressing questions. 

As of Monday, April 6, 2020, here are the latest updates leaders in Connecticut’s business community need to know. To view last week’s updates, click here

The Latest News

Real-time updates: Industry-by-Industry 

Our team at blumshapiro is working every day to provide you with the latest information pertaining to the individual industries in which you operate. You can find real-time updates within the following links:

Our firm’s complete suite of COVID-19 webinars, articles and federal and state guidelines can be found by clicking here.

President Trump officially signed the $2 trillion COVID-19 stimulus bill last week. Here’s the latest:

Known as the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the sweeping stimulus package includes billions of dollars in small business loans; grant programs for healthcare providers; emergency funding for the U.S. Centers for Disease Control; and significant funding to help specific industries like air travel and national security recover from this period of economic instability.

An important piece of the $2 trillion package is the Paycheck Protection Program, a provision of the CARES Act that offers businesses immediate access to liquidity through a new loan program tied to prior-year payroll. Loans made under the Paycheck Protection Program are backed 100% by the federal government.

As you can imagine, there is a lot to learn when it comes to this program. We strongly encourage our clients who are planning to utilize this resource to call us as soon as possible.

To locate the latest on available relief from the Small Business Administration, please refer to the following links:

We are closely monitoring new guidance coming from the SBA and other authorities and will post updates on our website as new developments are made available.

Connecticut Division of Taxation Releases Tax Deadline Guidance

Connecticut Governor Lamont announced in early March that the state would mirror the federal government’s decision to postpone the April 15 tax filing deadline to July 15.

Connecticut News: Week of April 6, 2020

More Than 1,200 CT Small Businesses Approved for Federal Stimulus Funding

Click here to read the article from Hartford Business Journal.

Governor Lamont’s Executive Order 7R Could Have Impact on Local Education Budgets Throughout Connecticut

This past week Governor Lamont signed Executive No. 7R, which contains several provisions that could have an effect on local education budgets throughout Connecticut. Boards of Education and city and town governments should take time to assess the impact this new Executive Order could have on them.

The full context of Executive Order 7R can be viewed here.

Grants available to Connecticut manufacturers producing needed COVID-19 supplies

Governor Lamont today announced that Connecticut manufacturers can now apply for grants of up to $75,000 to assist in the production of critical equipment and supplies needed to respond to the COVID-19 emergency. The grants, offered through the state’s Manufacturing Innovation Fund Voucher Program, can be used for working capital, new equipment, and other purposes that help companies build capacity or repurpose their operations.

Applications for the funding will be reviewed and approved by the Department of Economic and Community Development, in partnership with the Connecticut Center for Advanced Technology, based on the state’s current needs for medical equipment and supplies related to the pandemic. Funding for this short-term program is limited to $1.3 million and requires a one-to-one match from participating businesses. Learn more about the program and the application process by visiting https://ctmvp.ccat.us.

West Hartford manufacturing plant to fill $17.3 million aerospace defense order

Click here to read the article from Hartford Business Journal.

Governor Lamont encourages residents to sign up for the state’s CTAlert notification system

Governor Lamont is encouraging Connecticut residents to sign up for CTAlert, the state’s emergency alert system, which provides text message notifications to users. To subscribe, text the keyword COVIDCT to 888-777.

Providing information to Connecticut residents

For the most up-to-date information from the State of Connecticut on COVID-19, including an FAQ and other guidance and resources, residents are encouraged to visit ct.gov/coronavirus.

Individuals who have general questions that are not answered on the website can also call 2-1-1 for assistance. The hotline is available 24 hours a day and has multilingual assistance and TDD/TTY access. It is intended to be used by individuals who are not experiencing symptoms but may have general questions related to COVID-19. Anyone experiencing symptoms is strongly urged to contact their medical provider.

Governor Lamont Issues New Guidelines for Businesses to Keep Workplaces Safe

Click here to read the article from Hartford Business Journal.

Additional Resources for Connecticut’s Businesses

We will be providing regular updates over the next several weeks as new developments are made available. If you have any questions whatsoever, please do not hesitate to reach out. We are here to help you with your tax and business advisory needs.

In the meantime, you can refer to the following state agencies and associations for the latest information:

U.S. CENTERS FOR DISEASE CONTROL

STATE OF CONNECTICUT FREQUENTLY ASKED QUESTIONS

DECD NEW BRIDGE LOAN-APPLICATION IS AVAILABLE ONLINE:

To provide emergency cash flow relief to small businesses and non-profits negatively impacted by the coronavirus, Connecticut is now offering qualifying organizations with 100 or fewer employees access to no-interest loans.

Under the Connecticut Recovery Bridge Loan program, a qualifying business or non-profit organization can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).

This $25 million short-term emergency loan program will be allocated on a first-come, first-served basis. The program will be administered by the Department of Economic and Community Development (DECD) and expedited with the administrative and underwriting support of Connecticut Innovations.

CONNECTICUT DRS

“The Connecticut Department of Revenue Services (DRS) has responded quickly to the COVID-19 outbreak in order to protect our employees and the taxpayers we serve. We have followed directives from Governor Lamont as well as guidance from the CDC. Although there is no good time for a crisis, these events are unfolding during income tax filing season, making it much more challenging. Public service is at the heart of the DRS mission, and our team of tax professionals remains ready to serve during these difficult times.”

STATE OF CONNECTICUT INSURANCE DEPARTMENT

For the most up to date information from the State of Connecticut Insurance Department please click here.

SBA DISASTER ASSISTANCE

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital.

Small businesses and non-profit organizations in Connecticut that have been negatively impacted by the global COVID-19 outbreak are now eligible for disaster relief loans of up to $2 million from the U.S. Small Business Administration.

For more information on how your company can apply, please click here to go directly to the launch page.

Below are some additional resources provided by the SBA to explain this process:

An important piece of the $2 trillion package is the Paycheck Protection Program, a provision of the CARES Act that offers businesses immediate access to liquidity through a new loan program tied to prior-year payroll. Loans made under the Paycheck Protection Program are backed 100% by the federal government.

CT DOL RESOURCE PAGE

The Connecticut DOL stands ready to assist with questions about unemployment insurance, paid sick and safe leave or other programs and resources available through State programs. Learn more about what benefits your business may be eligible for:

Support Offered by Companies Across the Country

Companies around the world have announced additional policies and programs to support businesses impacted by COVID-19.

Disclaimer: The contents of this resource are for general informational purposes only. While every effort has been made to ensure its accuracy, the information is provided “as is” and no representations are made that the content is error-free. We have no obligation to update any content, comments or other information for retroactive or prospective interpretations or guidance provided by regulators, financial institutions or others. The information is not intended to constitute legal advice or replace the advice of a qualified professional. There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed. Your judgment and interpretation of the act may be needed. Users should consult with their legal counsel and representatives of the lending institution regarding the proper completion of their application and supporting documentation

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