Priority Bill Helps Continue CT Economic Recovery

On Friday evening, the state Senate passed critical legislation that builds on the momentum of October’s landmark bipartisan Jobs Bill and keeps Connecticut on the path to economic recovery.

Senate Bill 1, “An Act Concerning Jobs and the Economy,” expands state workforce and small business development programs, provide incentives to hire post-9/11 combat veterans, promotes Connecticut’s economic and cultural assets, and seeks to reward businesses that are willing to relocate jobs from overseas back to Connecticut.

It now goes to the House for a final vote. Today’s passage comes as Connecticut is experiencing its lowest unemployment rate in three years; since January, Connecticut has added 10,500 new jobs.

Investing in small business grows jobs and strengthens the economy. This bill is further proof that we in Connecticut are serious about putting people back to work and getting the economy back on track,” said Sen. Duff. “I am excited about expanding critical initiatives we created in October to support small business and encourage hiring.

One of the hallmarks of the October Jobs Bill was the Small Business Express program, which set aside $100 million in state loans and grants over two years for small manufacturers, especially those in precision manufacturing, business services, green and sustainable technology, and bioscience and information technology.

So far, more than 500 small businesses in Connecticut have applied for Small Business Express assistance; 38 loans totaling $32 million have already been approved, creating 193 new jobs and retaining 213 jobs in Connecticut. 
Senate Bill 1 expands the existing Small Business Express Program to an estimated 3,600 additional state businesses, by raising the ceiling from 50 to 100 employees.

Senate Bill 1 establishes the Unemployed Armed Forces Member STEP-UP (Subsidized Training and Employment Program) with grants to subsidize a business’s cost of hiring unemployed veterans during their first 180 days on the job. The bill authorizes $10 million in bonds for the program, with $5 million available upon passage.

Senate Bill 1 creates “Connecticut Made” and “Connecticut Treasures” programs to promote products made in Connecticut and promote the state’s cultural, educational and historic attractions. Part of the bill provides for the design planning, and implementation of a multiyear, state-wide marketing and advertising plan that includes television and radio advertisements showcasing Connecticut-made products and the advantages they offer.

Senate Bill 1 seeks to relocate overseas jobs to Connecticut by allowing the state Department of Economic and Community Development to give a preference under the “First Five Plus” program to companies that will relocate jobs from overseas to Connecticut; assistance includes loans, tax incentives and other forms of economic development that create jobs and invest capital within a certain timeframe.

According to the State Labor Department, Connecticut’s private sector has now recovered 46,600, or 42.3%, of the private jobs lost in the recessionary downturn which officially lasted from March 2008 to February 2010.