Provided below is information about some of the financial assistance programs available to help businesses through hardship resulting from the COVID-19 pandemic. If your business is experiencing financial hardship, please call us at 855.344.1874 so we can tailor a solution to help with your specific situation.
To provide immediate relief to those who may be facing financial hardship, we made the following changes, effective March 23, 2020 for all consumer and business depositors, for a temporary period to end no sooner than May 31, 2020:
The goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is to provide financial assistance to businesses and incentivize businesses to keep employees on payroll. The largest of these provisions has been implemented through the Smaill Business Administration's Paycheck Protection Program.
Learn more about the Paycheck Protection Program.
The SBA's EBL Pilot Program is designed to supplement the SBA's direct disaster loan capabilities and authorizes SBA Express Lenders, such as Thomaston Savings Bank, to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by COVID-19 while those small businesses apply for and await long-term financing (including through SBA’s direct Disaster Loan Program, if eligible). Learn more.
The SBA works directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by COVID-19. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Learn more and apply now.
Important Update as of March 27, 2020:
The CT DECD is no longer accepting applications for the Connecticut Recovery Bridge Loan Program.
For information about State of Connecticut financial assistance that may be available, contact the Connecticut Department of Economic and Community Development at email@example.com or 860-500-2333.