PPP loans a boon to region’s small businesses, nonprofits
Wednesday, July 08, 2020
United Community and Family Services, the Norwich-based community health service, received a $6.33 million federal loan this spring as part of the Small Business Administration’s Paycheck Protection Program, which was designed to save jobs amid the coronavirus-induced shutdown.
Among the hundreds of southeastern Connecticut businesses and nonprofits that secured loans, UCFS was the only one to receive one in the $5 million to $10 million range, according to the SBA, which this week disclosed the recipients of loans of $150,000 and up. The loans are forgivable provided the employer maintains or quickly rehires employees and maintains salary levels.
Category: Small Business