*Online applications estimated to be available week of November 9*
The State of CT has launched its latest program to assist small businesses and nonprofits through the economic downturn caused by COVID-19. Eligible small businesses and nonprofits can receive a one-time $5,000 grant by December 30, 2020. There will be minimal eligibility requirements the online application will have an open and close date. The application process and the funding will be administered and disbursed by SoFi.
Which small businesses/nonprofits ARE eligible?
- 20 or less full-time employees OR annual payroll of less than $1.5 million as of 12/31/19
- 20% or more loss in revenue year to date as of September 30, 2020 compared with the same period in 2019
- Established by October 1, 2019 and still active
- Must be in good tax standing with DRS or current on a payment plan as of 12/31/19
- Home-based businesses and Sole Proprietors
- Those who already received federal PPP, EIDL and/or CT Bridge loans are still eligible
Which small businesses/nonprofits are NOT eligible?
- Medical marijuana; liquor stores and alcohol distributors; adult businesses such as strip clubs; vape retailers; tobacco shops and smoking lounges; businesses having to do with gambling; gun stores and ranges; cash advance, check cashing, or pawn shops; bail bonds; collection agencies or services; and auction or bankruptcy or fire or “lost-our-lease” or “going-out-of-business” or similar sale.
- Arts/cultural organizations that have already applied for CARES grants
How do you Apply? Online applications estimated to be available week of November 9, 2020
Frequently Asked Questions
What documents are needed to complete the application?
The goal of the CT CARES grant application is to be straightforward and easy. It is not a loan that needs to be paid back. All applicants will receive funding by December 30, 2020. Minimally applicants will need:
- Social Security number
- Federal EIN number
- State TAX ID number
- Bank Routing Number
Am I eligible if I already received federal CARES funds, PPP, CT Bridge or EIDL loans?
The short answer – yes. However, you cannot use the CT CARES Small Business grant for the exact same expenses incurred or expected to occur between March 1, 2020 thru December 30, 2020. All expenses must be new such as:
- Purchase of Machinery and/or Equipment
- Cost associated to ensure compliance with CT Reopen Business Sector Rules
Will I qualify if I do not have very good credit?
Yes. Your personal credit score is not an eligibility requirement.
How do I demonstrate loss of revenue?
You will need to determine your revenue for the 3 months ending 9/30/19 and compare to your revenues ending year to date 2020.
What is the process once my application has been approved? How will the grant be disbursed?
This one-time $5,000 grant will be disbursed to all approved applicants by December 30, 2020 directly to the bank account you will provide in the application. You will receive an email from SoFi once approved. This is a grant that does not require repayment.
Will I be required to sign a legal grant agreement?
Yes. However, there are no fees or costs. This is not a loan that requires repayment.
Where can I go if I have more questions or need more information?
For additional questions, call the DECD hotline (860) 500-2333 or email DECDCTRecovery@ct.gov