The Department of Economic and Community Development has created a $50 million grant program to aid eligible applicants with a one-time $5,000 grant. So if you own a small businesses or a non-profit in Connecticut, keep reading!
Do I qualify?
You can receive the grant if you meet the following qualifications, as listed by the State of Connecticut:
- Your business must have had no more than 20 total full-time employees in 2019 across all of your CT locations, or have total 2019 payroll of less than $1.5 million.
- Your business must show a 20% or more loss in revenue year to date as of September 30, 2020 when compared with the same period in 2019.
- Your business must have been established by October 1, 2019 and still be active according to the Department of Revenue Services.
- Your business must remain a “viable business, be planning to reopen, and be planning to rehire any workers let go due to COVID as business conditions recover, and have a material financial need that cannot be overcome without the grant of emergency relief funds.”
- Your business must be in good tax standing with the Department of Revenue Services or is current on a payment plan or consent to use a portion and/or all of your grant to remedy the delinquency.
What types of businesses can qualify?
For-profit and non-profit businesses may apply, including sole proprietorships and home-based businesses. Some revenue streams may disqualify a business. See a list of “Eligibility Exclusions” here.
What can I use the money for?
- Purchase of Machinery and/or Equipment
- Cost associated to ensure compliance with CT Reopen Business Sector Rules
- If you previously received federal CARES Act, PPP or EIDL assistance, this grant cannot be used for the same expenses incurred or expected to occur between March 1, 2020 through December 30, 2020.
How do I apply?
The application process opens online November 9, 2020. Click here for information on where to apply.
If you’d like assistance with your application, contact us! We are always available to take a load off of business owners like you!