Below is a link to the new Recovery Bridge loans that were approved yesterday for CT Small Businesses. If you are employed, you may simply ignore this option. If you are a sole proprietor, this may not be the best option. That being said, read through what is required and determine if this suits your business needs. For those who own small businesses and employ other practitioners, this may be an excellent option.
Highlights of the Recovery Bridge Loan Program
- First come, First served.
- Loan MAXIMUM at $75,000 OR 3 months operating expense, whichever is the lesser of the two
- 0% Interest rate
- 12-month term, with an optional 6-month extension
There are some parameters (no real estate, no cannabis or firearms, no multi-level marketing, no adult entertainment, no elected officials) to be eligible industries, but massage therapists are included in eligible industries. You must have NO MORE that 100 employees, so a small wellness center, spa, salon all qualify. You must have been profitable prior to March 10, 2020 AND have no adverse personal credit reports 60 days past due within the last six months. Also, you need a letter affirming you are in good standing with the Department of Revenue Services and DECD (link and information on obtaining are provided on the website).
As a suggestion, if you rent space in a center or salon, maybe pass this information along to the ownership in case this is beneficial to keeping your rental space viable and accessible once we do get the ‘all clear’ to return to work. I know Chambers of Commerce were made aware and are letting their membership know of this resource, but if the business where you rent does not have membership, they may not have the details.
If you feel like this is a resource to consider and apply for, please follow the link. Direct questions to the DECD (contact info: 860-500-2333 or firstname.lastname@example.org) if you need guidance or help in the application process.
We will send a separate email summarizing the CARES Act once it passes the Senate.
Thank you,Nikki Arel, AMTA-CT GR Chair and the AMTA-CT Board of Directors