COVID-19 Updates for Businesses
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.
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 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.
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.
- 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
- 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.