From our State Senator, Norm Needleman.
(April 22, 2020) — I hope you and your family are staying safe. Once again, I want to share the latest information on relief programs and available services.
New Department of Economic and Community Development Partnerships
The state Department of Economic and Community Development has formed partnerships with SoFi and Equifax to expedite loan processing and payments, lowering costs, under the Connecticut Recovery Bridge Loan Program. This $50 million program, created by DECD to provide relief to small businesses and nonprofits, has already received more than 5,000 applications. SoFi will help expedite loan processing and fulfillment to ensure borrowers receive financial assistance quickly, while Equifax will validate applicant information. It’s hoped these partnerships will help payments be made by the end of April.
Banks Discouraged From Claiming Stimulus Payments
Connecticut Banking Commissioner Jorge Perez issued guidance last week to banks and credit unions, advising them not to use stimulus payment funds deposited into customers’ accounts to offset outstanding debts they may carry. The guidance comes as Governor Lamont asks state agencies to assist Connecticut residents; many payment recipients have been laid off, furloughed or lost work as a result of COVID-19. The guidance asks banks and credit unions to wait a 30 day period from the date of a deposit to any use of it, and they are asked to communicate with a customer directly regarding that potential use. Financial institutions are urged to reverse application of payments as promptly as possible if they automatically apply new deposited funds to overdrafts or other debts.
Agricultural, Cultural Grant Funding
While COVID-19 has caused a number of disruptions for individuals, businesses and organizations, it is encouraging to see an increasing number of grants being released to meet agricultural needs. These include:
The Federal Department of Agriculture’s National Institute of Food and Agriculture announced a rapid response initiative to novel coronavirus impacts across food and agricultural systems for the Agriculture and Food Research Initiative’s Foundational and Applied Science Program. Applications are due June 4, 2020.
The USDA’s Natural Resources Conservation Service additionally announced deadlines for project proposals for on-farm conservation innovation trials and the Regional Conservation Partnership Program Alternative Funding Arrangements have been extended to May 29, 2020.
Lastly, the National Endowment of Humanities posted a relief opportunity for cultural institutions, with eligible applicants including state, county and municipal governments, nonprofits and higher education institutions. The relief is eligible for individuals affected by coronavirus to support at-risk humanities positions and projects in museums, libraries, historic sites and professional organizations, among others.
Connecticut Office of the Arts Grants
The Office of the Arts has announced grants are available for artists in Connecticut impacted by the pandemic. Two grant programs will assist them:
- The Connecticut Artists Relief Grant program will provide $500 grants to more than 100 artists and teaching artists whose creative practices and income are adversely impacted by COVID-19 safety measures. It is partly funded by the New England Foundation for the Arts.
- The Connecticut Artists Respond Grant program helps artists translate and present art virtually; individual or collaborative artists who present activities, classes or other creative experiences will be eligible for $1,000 or $2,000.
Applications are accepted through May 4.
Payment Relief For Student Loans
Governor Ned Lamont and State Banking Commissioner Jorge Perez announced that Connecticut, collaborating with other states, has secured relief options with private student loan servicers whose borrowers aren’t covered by the CARES Act, intended to give relief to state residents with privately held student loans. The CARES Act did not help those with federal student loans not owned by the federal government or private student loans.
Under the new initiative, state residents with commercially owned Federal Family Education Loan Programs or private student loans will be eligible for expanded relief.
They are asked to contact their student loan servicer. Relief options include providing at least 90 days of forbearance, waiving late payment fees, ensuring borrowers are not subject to negative credit reports, ceasing debt collection lawsuits for 90 days or working with borrowers to enroll in other borrower assistance programs like income based repayment. If regulated student loan servicers are limited in their ability to take such actions, servicers should instead proactively work with loan holders to relax obligations or restrictions.
Borrowers are asked to visit the Department of Education’s National Student Loan Data System or call the Department of Education’s Federal Student Aid Information Center at 1-800-433-3243 or 1-800-730-8913.
Borrowers with private loans can check contact information on monthly billing statements. If a borrower experiences trouble with their student loan servicer, they are encouraged to ask to speak to a supervisor; if still needing help, they should contact the state Department of Banking at 860-240-8170 or file a complaint here.
Tri-State Boating Policies
The Governors of Connecticut, New York and New Jersey announced that marinas, boatyards and marine manufacturers in their states will be allowed to open for personal use as long as strict social distancing and sanitizing protocols are followed. Chartered watercrafts and rentals will not be allowed. Restaurant activity at marinas and boatyards must be limited to takeout or delivery only.
Department of Revenue Services Assistance Program
The state Department of Revenue Services has launched a new assistance program, available to business and individual taxpayers who may be currently unable to meet collections obligations. Taxpayers who are subjects of payment plans, bank warrants, wage executions or other levies needing relief are asked to contact DRS directly to speak to a professional. They are asked to call 860-541-7650 from 8:30 a.m. to 4:30 p.m. Monday through Friday or to email DRSPriorityOne_CollectionsAssist@po.state.ct.us.
