COVID-19 Business Updates
Last updated on 08/04/2020
COVID-19 continues to pose significant challenges to businesses and families across the state and nationally. Because of this, we are working hard to keep you informed and provide resources to ensure your finances are secure. If you, a friend or a family member own or manage a small business, the following information may be beneficial to you.
COVID-19 Relief Options for Small Businesses
If your business is in need of short-term capital, please contact us directly at BusinessLending@nutmegstatefcu.org or apply online. If you are concerned that recent events may prevent you from making payments toward your Nutmeg Business Loan, contact us and we will work with you to reach a solution.
As a reminder, we offer a wide portfolio of business products and services:
The federal CARES Act was signed into law on March 27, 2020 and provides emergency relief to several groups impacted by COVID-19 (including small businesses). The CARES Act also includes the Small Business Paycheck Protection Program, which offers additional methods to manage expenses.
CARES Act Information
- Increases the maximum 7(a) loan amount to $10 million
- Allows 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and other debt obligations
Learn more about the CARES Act and how it can benefit small businesses.
Paycheck Protection Program Information
The CARES Act Paycheck Protection Program provides small businesses with funds to pay up to 24 weeks of payroll costs (including benefits). Funds can also be used to pay interest on mortgages, rent and utilities.
Learn more about the Paycheck Protection Program.
Governor Lamont announced that small businesses and nonprofit organizations in Connecticut negatively impacted by COVID-19 are now eligible for disaster relief loans of up to $2 million from the U.S. Small Business Administration (SBA).
The SBA's COVID-19 Disaster Relief Lending options:
- Can be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of COVID-19's impact
- Includes long-term repayments in order to keep payments affordable up to a maximum of 30 years. Terms are determined on a case-by-case basis based on the borrower's ability to repay.
Click here to learn more or apply directly with the SBA.