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The original item was published from 9/1/2020 7:13:13 PM to 9/20/2020 12:00:02 AM.

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Economic & Community Development News

Posted on: September 1, 2020

[ARCHIVED] 09/01/2020: COVID-19 Business Update

Trumbull Economic Development

Major News Updates

Governor Lamont Reminds Residents That Connecticut’s Minimum Wage Increased Today

Governor Ned Lamont is reminding Connecticut residents that – as the result of a new law he championed last year that schedules gradual increases in the state’s minimum wage over the next several years – the minimum wage in Connecticut has increased from $11.00 per hour to $12.00 beginning on Tuesday, September 1 2020.

Signed by Governor Lamont on May 28, 2019, Public Act 19-4 requires the minimum wage to increase five times over a five year period, from the then-rate of $10.10 to:

Ultimately, beginning January 1, 2024, that same law requires the minimum wage to become indexed to the employment cost index, which is calculated by the U.S. Department of Labor, and for the first time in Connecticut the rate will grow according to economic indicators. Click here for more information.

SBA Releases New PPP Forgiveness Guidance

The U.S. Small Business Administration released new guidance Aug. 24 regarding the treatment of business owners and forgiveness of certain non-payroll costs under the Paycheck Protection Program.

The new rule provides additional guidance concerning the ownership percentage that triggers the applicability of the owner compensation rule for forgiveness purposes and limitations on the eligibility of certain non-payroll costs for forgiveness. Click here for more information.

State Application for New Federal Unemployment Benefit Funds Approved

The federal government has approved Connecticut’s application for COVID-19 funding replacing the $600 weekly unemployment benefits program that expired July 31.

Thee new federal funding will provide an additional $300 weekly for up to five weeks to eligible applicants.

 Connecticut applied last week, with Gov. Ned Lamont saying the funds will help fill the hole left when the federal Pandemic Unemployment Compensation Program expired. “It is important to remember that this is only a temporary backstop,” Lamont said. Click here for more information.

State and Federal

Economic Injury Disaster Loan: This loan will provide economic relief to small businesses and non-profit organizations that are currently experiencing a temporary loss of revenue. SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications on June 15 to all qualified small businesses, including U.S. agricultural businesses. Click here for more information.

Paycheck Protection Program (PPP): The Paycheck Protection Program closed on August 8, 2020. If you received a PPP loan, you must complete the PPP Forgiveness Application and submit it to your lender to have the loan fully forgiven. You may begin submitting your forgiveness application beginning July 1, 2020. Click here for the loan forgiveness application.

Main Street Lending Program: The Federal Reserve Bank of Boston operates the Main Street Lending Program. The MSLP is a program designed to help credit flow to small and medium-sized eligible businesses that were in sound financial condition before the COVID-19 pandemic, and that were either unable to access the SBA Paycheck Protection Program (PPP) or that require additional financial support after receiving a PPP loan. Importantly, MSLP loans are not forgivable. Click here for more information.

PPE & Cleaning Suppliers List: The CT DECD has compiled a downloadable list of suppliers (both in-state and beyond) to assist business owners with obtaining cleaning supplies, PPE equipment, plexiglass barrier materials and more. Click here for more information.

Unemployment Benefits: Workers directly impacted by the coronavirus pandemic no longer must be actively searching for work and employers who are furloughing workers can use the Department of Labor’s shared work program, which allows businesses to reduce working hours and have those wages supplemented with unemployment insurance. Self-employed individuals, including independent contractors and “gig” workers, can also apply for unemployment benefits. Click here for details.

Reopen Connecticut Industry Rules:

 The State of Connecticut has released the most up-to-date industry specific rules and reopening guidelines on their website. After consulting with industry leaders and public health officials, CT has made revisions to previous guidance in multiple sectors. All businesses subject to the reopening rules are required to self-certify prior to opening. Click here for details.

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