UPDATE 12.28.20: Congress passed legislation Dec. 21, 2020 that was signed by the president Dec. 27 that provides an additional $284 billion for a new round of forgivable Payroll Protection Program loans, now expanded to include nonprofits, local newspapers, and TV and radio broadcasters.

It also sets aside $12 billion for minority-owned and very small businesses that had trouble accessing the first round of PPP funding.

The new round of PPP loans will be limited to companies with no more than 300 employees and loans will be capped at $2 million. Publicly traded businesses are not eligible.

Small businesses that previously received a PPP loan will be eligible for a second loan if their revenues fell by 25% this year.

PPP borrowers will also be allowed to take tax deductions for covered business expenses, including rent and utilities.


The following financial institutions service U.S. Small Business Administration guaranteed loans in Connecticut.

Starting April 3, 2020, small businesses and sole proprietorships can apply for Paycheck Protection Program loans to cover their payroll and other certain expenses through any existing SBA 7(a) lender or federally insured depository institution, federally insured credit union, and participating Farm Credit System.

A number of non-bank lending institutions are also authorized by the SBA to process PPP loan applications.

Those lenders include Funding CircleFunderaKabbagePayPalQuickBooks Capital, and Square.

Lenders may begin processing loan applications as soon as April 3, 2020.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive Paycheck Protection Program loans to cover their payroll and other certain expenses through existing SBA lenders.

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