COVID-19 Business Response Program Line of Credit

By Angel Li, CPA, Partner, Tax & Advisory Services
Apr 13, 2020

As part of a continuing effort by the State of Connecticut, Governor Lamont is partnering up with HEDCO, Inc., State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide financial relief to minority-owned and women-owned small business owners.  The $2 million program will be allocated to minority-owned and women-owned small businesses. 

Pursuant to COVID-19 Business Response Program Line of Credit, a qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000 with an opportunity to have the loan forgiven. 

Eligibility 

  • a qualifying small business. 
  • 20 or fewer employees (full-time and/or part-time employees). 
  • Be a minority-owned and/or woman-owned small business (minimum 51% of minority/woman ownership required). 
  • Be in good standing with the Department of Revenue Services (DRS)
  • Have been conducting business for a minimum of six-months. 

If you have any question regarding the applicability of the program to your business, please contact Angel Li @ 860-989-3572 or angelli@fmlcpas.com