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Economic & Community Development News

Posted on: April 26, 2020

04/27/20: Small Businesses - Act Quickly on Coronavirus Relief Options

Trumbull Economic Development

As you have likely seen, Congress has now passed a $480B spending bill that expands funding to existing and critical COVID-19 relief programs. $370B of this has been set aside for small businesses. We strongly encourage you to act quickly to secure funding as demand for these programs is extremely high. 

  • $310B for Paycheck Protection Program (PPP); Forgivable loans to small businesses with less than 500 employees; Apply through SBA-approved banks and credit unions.
  • $60B for Economic Injury Disaster Loans and Grants (EIDL); Low-interest loans and grants up to $10,000 for small businesses and nonprofits; Apply for these directly through the SBA

Program details, eligibility requirements and application information can be found on the SBA’s coronavirus relief options website.

We will continue to provide updates on these programs and resources as new information becomes available.

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