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Thousands of Connecticut small businesses borrowed money to pay employees during the pandemic using a federal program that promised to forgive the debt. Now those businesses are watching a shifting federal landscape, waiting to see those loans forgiven.
For many small businesses, the Paycheck Protection Program provided funds to keep their employees paid through the pandemic. The idea was, if employers used the money to pay their workers, keeping them from filing for unemployment, the federal government would forgive the debt.
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Businesses Anxiously Await PPP Forgiveness