Connecticut's largest business organization today welcomed the launch of a state-backed no-interest loan program designed to help small businesses impacted by the COVID-19 pandemic.
CBIA president and CEO Joe Brennan called the new Connecticut Recovery Bridge Loan Program critical for providing small businesses with immediate, much-needed liquidity.
"Small businesses and their employees are bearing the brunt of this severe economic downturn," he said.
"Putting cash in their hands to pay their employees and their bills for several months will hopefully allow them to stay in business until the crisis is over."
Brennan noted that the new loan program was one of a series of steps taken by the Lamont administration to lessen the pandemic's impact on small business.
The Department of Economic and Community Development has already suspended loan and interest payments on existing loans, while the Department of Revenue Services extended the filing deadline for income tax returns to July 15.
"All signs indicate that we’re only at the beginning of what will be a very difficult and challenging time," Brennan said.
"It's clear the state's economy will take a major hit and we will continue working with the Lamont administration and the legislature to provide all possible resources and assistance."
CBIA is Connecticut's largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please contact Joe Budd (860.244.1951).