Bridgeport, CT – Today, the Small Business Administration announced 16,495 small businesses in Connecticut’s Fourth Congressional District received between $1.3-2.4 billion* in loan assistance through the Paycheck Protection Program (PPP), supporting 140,916 jobs. Nationwide, the program made more than five million loans totaling approximately $520 billion and supported more than 51 million jobs, representing 84% of small business employment.
“Congress acted quickly to authorize and implement the PPP program at the beginning of this pandemic,” said Congressman Jim Himes (CT-04). “The swift action stanched the bleeding and allowed Connecticut workers to keep lights on and food on the table. We made adjustments after the initial release of funds to get more money in the hands of minority-owned businesses and businesses without strong banking connections. For many families, this aid has been a lifeline helping them weather this storm.
“The need for help is not over. We are not out of the woods here in Connecticut, which is now faring better than much of the rest of the nation after bearing the brunt of the early pandemic. We cannot now abandon the millions of families whose lives continue to be upended by the coronavirus. Congress must be willing to act again if necessary and not end vital assistance prematurely simply because we’re fatigued.”
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