Business
Businesses: You’ve Got Till 6 PM Friday to Apply for CT Recovery Bridge Loan Program
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So many applications for loans have come in to the state Department of Economic Community Development that its commissioner announced Friday that no more would be accepted after 6 p.m., Friday night (tonight). In an email sent out Friday afternoon, the Darien Chamber of Commerce passed on this announcement from the commissioner:
At 6 p.m. today, DECD will stop accepting applications for the Connecticut Recovery Bridge Loan program. We have seen significant demand for the program, receiving over 4,000 applications since the program went operational yesterday morning. Within the last 24 hours, DECD, along with our partner Connecticut Innovations, has added additional staff to process applications for this loan program. In addition, we are doubling the funding in the program to $50 million. We will continue to monitor this rapidly evolving situation and keep in close contact with our small business and nonprofit partners as they grapple with the effects of this pandemic on their operations and employees. We feel it is prudent to hit pause and stop taking more applications right now to ensure we can process the current queue efficiently and get this much needed money out the door as quickly as possible. We want to be fair to all applicants and taking more requests would not be right.