Information for NJ Businesses on the COVID-19/Novel Coronavirus Outbreak
Please see the below information which will be updated regularly as more information becomes available.
For additional information on COVID-19/Novel Coronavirus and its impact on businesses, please visit the State of New Jersey business portal at https://covid19.nj.gov/
State of New Jersey Business Portal: https://cv.business.nj.gov
Unemployment Benefits: https://myunemployment.nj.gov/before/about/howtoapply/applyonline.shtm1
New Jersey Hiring Portal
Employers in critical industries should submit information about openings with urgent hiring needs related to COVID-19 here: https://jobs.covid19.nj.gov/intake
Federal Disaster Assistance
SBA ECONOMIC INJURY DISASTER LOANS/EMERGENCY ECONOMIC INJURY GRANTS
for online application
Sba.gov/disaster for paper application OR
Please note: SBA is in the process of gearing up for these programs and working with local lenders to determine documentation needs and process
LOAN AND GRANT PROGRAM: 3 step loan process for loans up to $2 million to alleviate economic injury and temporary loss of revenue due to the COVID-19 crisis; available to both small businesses and private, non-profits; Emergency advances of $10,000 as grants
**Businesses apply for the Disaster Loan first, AND THEN request an advance up to $10,000 through the Emergency Economic Injury Grant Program
For an information sheet: disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf
Application process and full regulations being developed by SBA
PAYCHECK PROTECTION PROGRAM
(Program administered thru SBA lenders)
Cash flow assistance through 100% federally guaranteed loans to employers who maintain and bring back their payroll during the emergency; businesses under 500 employees; max. award of $10 million (250% x avg. monthly payroll costs); payments deferred for 6 months; no fees; max term 10 years, max interest rate 4%; if maintain payroll, portion of loans is forgiven. Non profits are eligible for this assistance; Economic Disaster loans/grants can be refinanced into a larger PPP loan or other SBA loans; eligible costs are salaries, commissions, mortgage interest, health benefits, rent, utilities, interest on debt
SMALL BUSINESS DEBT RELIEF PROGRAM:
In conjunction with SBA lenders, there are three categories of debt instruments to help smaller and start up businesses: SBA 7(a) loans, 504 loans, and microloans; these programs are available to borrowers who lack credit elsewhere and need funds for working capital, business purchase, refinancing or fixed assets; the banks share risk with the SBA; microloans provide up to $50,000 and come with technical assistance.
In Cumberland County, CBAC and UCEDC, two economic development nonprofit organizations can provide assistance through these programs
CBAC: Harry Stone
UCEDC: Ellen McHenry
Below are links and resources to help navigate the recent CARES act and what the programs and resources will become available.
NJEDA Small Business Assistance Grant– Grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services to stabilize operations and reduce the need for layoffs or furloughs; $1,000 per FTE up to max. $5,000; no fees
APPLICATIONS OPEN ONLINE 4/3 AT 9:00 AM AND CLOSE 4/10 AT 9:00 AM
Small Business Emergency Assistance Loan Program- Direct working capital loans of up to $100,000 to businesses with less than $5 million in revenue with losses due to disruptions from current emergency; 0% interest years 1-5; 3% thereafter; 10 year term, no fees; up to 12 months deferred.
NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.
Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50% guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration.
NJEDA Business Survey
Consider taking the NJEDA Business survey about how your business has been affected and how the NJ EDA could assist. Business owners and key administration officials should be completing the survey. The New Jersey Economic Development Authority, in partnership with the Office of the Governor of New Jersey, is working to develop programs and resources to support New Jersey’s business community during the COVID-19 outbreak.
State of NJ-Plea for Personal Protective Equipment (PPE)
The state has stressed the need for personal protective equipment (PPE) for healthcare workers. Anyone willing to donate equipment such as masks, gloves and eye protection is asked to please email [email protected]
New Jersey Community Capital (Garden State Relief Fund)
Fund for small businesses and non-profits with 3-50 full time employees; loans processed in 10-14 days; term up to 36 months; interest rate 3%; loan amounts of $10-$75,000; Online application: [email protected]