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Chambers Of Commerce, SBA Offer Aid To Businesses

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Chambers of Commerce in both Connecticut and New York are working to help businesses as they attempt to navigate the ongoing coronavirus pandemic. 

Tony Sheridan, CEO & president of the Chamber of Commerce of Eastern Connecticut, says businesses are all asking the same questions. 

“What’s going on? Do you have any updated information? What’s the Chamber doing? So, everyone is still searching for some level of certainty in terms of information. Questions like how long do you think this will last? Of course, no one has the answer to that.”

He says businesses may have “business interruption” insurance.

“Call your insurance company. Find out what the details are. You’re going to have to keep records and show what kind of a loss you’ve had, say over the last few weeks compared to perhaps this time last year.” 

Meanwhile, the Small Business Administration will offer low-interest, federal disaster loans to businesses affected by the pandemic. 

Qualifying businesses can receive up to $2 million in economic injury loans, with rates as low as 2.75%. Eligibility is based on the financial impact of the coronavirus. 

And the IRS has extended tax filing dates from April 15 to July 15. But they say that if a business has a cash flow problem and is due a tax refund, they should file sooner rather than later.

Read the latest on WSHU’s coronavirus coverage here.

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