CT Cares Small Business Grant Program

Nov 12, 2020 | MMNT Blog

Connecticut’s Department of Economic and Community Development has created a program for small businesses whereby they may receive a one time grant of $5,000.  This is designed for businesses affected by the down turn in the economy due to COVID.

This program is very new, in fact the applications are not yet available, however, here is the framework for how the program will work:

  1. The business must have a 20% or more loss in revenue (year to date) September 30, 2020 as compared to September 30, 2019.
  2. The business must have no more than 20 employees (full-time equivalents) or have 2019 payroll of less than $1.5 million.
  3. The business must be active and not planning on closing
  4. Any businesses are eligible (i.e. non-profits, sole proprietorships, home-based businesses)
  5. Companies must be in good standing with the DRS (department of revenue services)
  6. If you received SBA funds, funds cannot be used for same expenses (no double dipping)

This program is very liberal on the uses of the funds, basically any operating expense (except taxes) is allowed.

Funding priority will be given to companies located in the State’s distressed municipalities.

Companies operating in “sin” industries are not eligible.  This includes: Marijuana, alcohol, adult entertainment, vaping, tobacco, gambling, fire arms, check cashing, pawn shops, collection agencies, liquidation companies or bail bond companies)

Need more information?
https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/CT-CARES-Small-Business-Grant-Program

For frequently asked questions click here:
https://portal.ct.gov/-/media/DECD/Covid_Business_Recovery-Phase-2-1/CT_CARES_Grant_One_Page_Updated_1132020.pdf

 

This blog could become outdated due to tax law updates.

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