COVID-19 Updates for Businesses

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. 

The federal CARES Act was signed into law on March 27, 2020 and provides emergency relief to several groups impacted by coronavirus (COVID-19), including small businesses. The CARES Act also includes the Small Business Paycheck Protection Program.

Small Business Paycheck Protection Program

The CARES Act Paycheck Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent and utilities.

Find out more about this important program.

Learn more about the CARES Act and what small businesses need to know.


Nutmeg Business Lending Services:

If your business is in need of short-term capital, please contact us directly at BusinessLending@nutmegstatefcu.org or apply onlineIf 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 state Department of Economic and Community Development (DECD) is also currently offering relief options for small businesses and nonprofits negatively impacted by COVID-19.

The DECD's Connecticut Recovery Bridge Loan Program:
  • Up to $75,000 interest free for short-term working capital needs and operating expenses for three months
  • Can be used by small businesses and nonprofits with less than 100 employees
  • 12 month term and six month extension upon request with no prepayment penalty
Learn more about the Connecticut Recovery Bridge Loan Program or apply directly with the DECD.
 

 
Additionally, Governor Lamont recently 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).
 
SBA Coronavirus (COVID-19) Disaster Relief Lending:

  • 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.
 

Don't forget: the healthiest option is to do your banking online.

If you haven't already, download our Mobile App or enroll in e-Banking. This will help ensure you can properly manage your businesses finances from home. Our online services include:

Back to News