Lamont files request for SBA disaster declaration in Connecticut
Gov.
The
Lamont had declared a public health emergency in
Some
"The impact of this global pandemic to businesses across the state has been significant," Lamont wrote in his Monday letter to the SBA. "Owners of inns, venues, restaurants and other service industry companies, have reported a large number of cancellations. Businesses owners arc unable to meet their financial obligations with this sudden reduction in revenues."
The SBA had signaled last Thursday it would work with states to issue loans of up to
The SBA has district offices in
The SBA will charge an interest rate of 3.75 percent for businesses that are unable to secure loans from other sources, with payment schedules available of up to 30 years. Aid is available as well for private nonprofit organizations at a 2.75 percent interest rate, with the SBA listing requirements for qualifying entities online at www.sba.gov.
In past disaster declarations, SBA has charged double the interest rate for businesses that have access to other sources of credit, while offering nonprofits the low rate regardless of whether they can tap other sources. After the
During the 2009 collapse of the housing market, banks constricted business lending sharply in
Between loan guarantees, direct loans and disaster assistance, SBA supported
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