Connecticut House Bill HB05404

Connecticut 2014 Regular Session

• Introduced: 2/27/14
• Refer: 2/27/14

Caption

An Act Concerning Financial Assistance For Businesses Affected By Prolonged State Infrastucture Projects.

Impact

The bill intends to mitigate the economic fallout for small businesses due to the lengthy timeline of road and bridge projects overseen by the Department of Transportation. By creating a specific account known as the 'road and bridge repair business disruption account,' the bill highlights the state's commitment to supporting local economies during public works projects. Loans will have a favorable rate of three percent and must be repaid within ten years of project completion, which could help businesses recover more quickly and encourage economic resilience in affected areas.

Summary

House Bill 5404 establishes a program for providing financial assistance to businesses adversely affected by prolonged state infrastructure projects, particularly those related to road and bridge work. The bill mandates the Commissioner of Economic and Community Development to administer a program offering low-interest loans to business owners whose operations have been impacted by delays in such projects. These loans are aimed at supporting current expenses and working capital needs while the infrastructure work continues, thereby ensuring local businesses can maintain stability during disruptions.

Contention

Notably, while the bill generally seeks to alleviate financial strain on businesses, there may be discussions around the adequacy of the loan terms and the criteria for determining adverse business impacts. Additionally, concerns may arise regarding the program's efficiency in reaching the intended beneficiaries and whether the allocated financial resources will sufficiently cover the needs of those affected by infrastructure delays. These points of contention could lead to debates on how effectively the bill addresses the complexities of economic disruption caused by state projects.