COVID-19 Relief for Small Businesses and Non-Profits

March 26, 2020

Good News: Relief for Small Businesses and Non-Profits

Yesterday afternoon, Governor Lamont announced that his administration has launched a zero-interest loan program to bring relief to Connecticut small businesses and nonprofits that have been impacted by COVID-19.

The Connecticut Recovery Bridge Loan Program will be administered by the Department of Economic and Community Development and will make $25 million available to businesses and nonprofits in the state that have fewer than 100 employees.

Eligibility for the Loan

  • Have no more than 100 employees
  • Be in good standing with the Department of Revenue Services & DECD
  • Have been profitable prior to March 10, 2020 — with no adverse personal credit reports 60 days past due the past six months
  • Not be involved in real estate, multi-level marketing, adult entertainment, cannabis or firearms; nor be a state elected public official or state employee

Terms & Conditions

  • Loan maximum of (a) $75,000 or (b) three months operating expenses — whichever is less
  • 0% interest rate
  • 12-month term, with 6-month extension available per request
  • Freely pre-payable
  • Working capital loan
  • Personal guarantee and credit score required

Needed Application Materials

  • Project Financing Plan & Budget
  • 2019 Income Statement or Profit and Loss Statement
  • Internal Financial Statements (YTD)
  • 3-month projected cash flow, demonstrating need
  • Summary of adverse economic impact resulting from COVID-19
  • Recent credit score report
  • Applicant Structure Documents
  • Personal Financial Statement
  • Ownership Breakdown
  • DRS Letter of Good Standing

Program Process
Upon completing the application and obtaining the required documentation, organizations can submit the information online, via email to

After the underwriting and due diligence process, if your loan application is approved DECD will:

  • Issue a Letter of Intent, outlining the loan amount and terms
  • Work with you to execute a Standard Assistance Agreement
  • Ask you to complete ACH paperwork so that funds can be transferred by wire

For additional information or questions, visit the website for FAQs, Express Hotline at (860) 500-2333 or via email at Email or website are preferred due to high volume on phone lines.

In addition, the federal government is working on a stimulus package that includes help for small businesses and workers to help Americans through this crisis.

U.S. Senate Democrats fought for a bipartisan, robust third COVID-19 bill that will immediately bolster our health care response and our economy. The $2 trillion investment offers stronger worker protections, a Marshall Plan for our hospitals, and much more.

  • Unemployment Insurance ($260 billion)
  • Marshall Plan For Our Health System ($150 billion)
  • Robust Worker and Transparency Protections on Government Loans
  • Small Business Rescue Plan ($377 billion)
  • Protected Over 2 Million Aviation Industry Job
  • Increased Direct Payments to Working Americans
  • State and Local Coronavirus Expenditures Fund ($150 billion)
  • Emergency Appropriations ($330 billion, including $100 billion for hospitals and providers mentioned above)
  • Student Loan Relief

I will be sharing more information on this plan as it becomes available. For more information, see the initial summary.