HARTFORD, Conn. (WTNH)– Many people and businesses are waiting for stimulus money from the government.
Senator Richard Blumenthal held a virtual round table Monday with small manufacturers across the state.
Last week, the senate passed the bipartisan stimulus funding to make massive investments in medical supplies, as well as put cash in the hands of families, workers, and small businesses. Senator Richard Blumenthal says while it’s a good start, it’s just the beginning
“It’s imperfect but it’s imperitive,” said Blumenthal.
The $2.2 billion stimulus package will provide a little relief for small businesses across the country.
“I don’t need to tell you that in fact Connecticut is hurting. People are struggling to survive, to put food on the table, pay the utilities, and rent. And small businesses are striving to survive, as well,” said Blumenthal.
Blumenthal says it’s clear many are hurting right now and they’re working as fast as they can to pass emergency relief packages like the Cares Act.
“150 billion for state governments to use for Covid-19 related expenses,” said Blumenthal.
Here in Connecticut, we can expect to see $1.5 billion. The main focus is on the small business program.
“The small business program, by the way is $350 bullion program, so this is in size unlike anything we’ve ever seen,” said Blumenthal.
Since Friday, loans have already been issued to small businesses.
“I spoke this morning to the regional administrator, they’ve already issued I think $16 million worth of loans, something like that,” said Blumenthal.
The aid to small businesses includes zero interest loans and even loan forgiveness but the senator says in order to qualify for forgiveness, you must have employee retention of at least 90 percent.