Tuesday, May 19, 2020

Council Appropriates $262,500 For Loan Program

The Common Council, at a special meeting last night, voted unanimously to provide $262,500 in loans to support small businesses. The loans will be up to $10,000, and go to businesses of 20 employees or fewer that operate or are based in the City.

The loans will be for 1 year at 3.5% interest, with payments not starting until January, 2021.

The funds can be used for COVID related expenses, payroll, inventory, employee training,  “Re-Start” expenses, utilities, working capital. All expenses must be approved by City staff.

1 comment:

Anonymous said...

Aren't public meetings supposed to be promoted first in the media with legal notices about the event before the meeting happens? It appears the city and state are not following this protocol any more? Don't they place legal notices in The Middletown Press and The Hartford Courant any more what happened?