Overview

  • The Connecticut Department of Economic and Community Development has just created a $50 million grant program to help small businesses continue their COVID-19 related recovery.
  • Open to eligible businesses and nonprofits
  • Applications will be available the week of November 9th, 2020

Eligibility Requirements

Businesses that meet the following criteria may be eligible for the grant:

  • No more than 20 total full-time employees equivalent (FTE) or an annual payroll of less than $1.5 million (including affiliated companies)
  • Must be able to demonstrate a 20% or more loss in revenue year to date as of September 30th, 2020 as compared to the same 2019 period
  • Business must have been established by October 1st, 2019, and still be active
  • Home-based businesses, sole proprietorships, and nonprofits under IRS Section 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(7) and 501(c)(19) are eligible
  • Business must remain viable, plan to re-open, rehire workers, and have a material financial need
  • Must be in good tax standing with the DRS, have a payment plan in place, or agree to use grand to remedy

Exclusions

  • Businesses that derive most of their revenue from the following activities are ineligible:
      • Liquor stores and alcohol distributors
      • Adult businesses
      • Medical marijuana, vape retailers, tobacco shops, and smoking lounges
      • Gambling establishments
      • Gun stores and ranges
      • Cash advance, check cashing, or pawn shops
      • Collection agencies, bail bonds
  • Businesses that are 50% or more owned by another establishment where the number of full-time equivalent employees under the umbrella establishment exceeds 500
  • Organizations that received another grant from Connecticut Cares Relief funds

Fund Use

If granted, the business can use the funds on payroll costs, rent, mortgage payments, utilities, inventory, purchases of machinery and/or equipment and compliance costs associated with CT Reopen Business Sector Rules

Contact Us

We anticipate these funds to evaporate extremely quickly. As such, it is imperative you prepare to apply as soon as the applications become available. We will be keeping a close eye on updates to the program as they roll out. To help assess your eligibility and begin compiling supporting documentation, please contact an Innovative CPA Group professional at 203-489-0612 or contact us online.