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The original item was published from 6/1/2020 5:10:06 PM to 7/1/2020 12:00:02 AM.

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Economic & Community Development News

Posted on: June 1, 2020

[ARCHIVED] 06/01/20: Paycheck Protection Program Forgiveness Application and Guidelines Now Available

Trumbull Economic Development

The Paycheck Protection Program was brought to life with the passing of the CARES Act. This small business loan provides much needed capital to keep employees on payroll and small businesses operating. One of the most appealing aspects of this loan program is the incentive to have the loan fully forgiven.

The Paycheck Protection Program Forgiveness Application, released May 16, 2020, is available online.

If you received a PPP loan, you must complete the PPP Forgiveness Application and submit it to your lender. You may begin submitting your forgiveness application beginning July 1, 2020. The application itself is 11 pages. You will also need documentation such as payroll processing records and tax filing statements, non-payroll expenses (electricity, gas, water, transportation, telephone, internet access), PPP loan contract, EIDL contract, and any supporting documents you used when applying for the PPP loan.

Click here for the loan forgiveness application

Click here for the guidelines

Here are some tips for success:

  • Don’t wait, gather all your documents now
  • Create a separate bank account for you PPP loan
  • Document the number of Full Time Employees (FTE) with the hours they worked and pay they received during the 8 week period
  • Stay up to date with any new laws and regulations
  • Have patience
  • Reach out to one of our resource partners for assistance, go to https://www.sba.gov/ct and find one in your area.
    Lamont’s Executive Order Permits Salons/Barbershops to Open, Loosens Prohibitions on Large Gatherings

Governor Lamont signed another executive order on May 29 – the 47 since he enacted the emergency declarations – that builds upon his efforts to encourage mitigation strategies that slow down transmission of the virus.

Executive Order No. 7TT enacts the following provisions:

  • Reopening of barbershops and hair salons:
  • Permits barbershops and hair salons to resume operations, provided that they follow sector rules that have been issued by the Connecticut Department of Economic and Community Development.
  • Relaxes the previously enacted limits on large gatherings:
  • Limits on all social and recreational gatherings are raised to 10 people indoors and 25 people outdoors, subject to safety restrictions and existing orders and business sector rules
  • Limits on all religious, spiritual, and worship gatherings are raised to 25 percent of the capacity of the indoor space or a maximum of 100 people, whichever is smaller, and to 150 people for outdoor gatherings, provided in each case that appropriate safety and social distancing measures are employed.
  • Click here to view the entire executive order

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