Emergency Assistance Eligibility Wizard – Visit Website

There are a number of state resources that have been recently introduced to assist New Jersey businesses amid the COVID-19 crisis and the NJEDA wants to make it easy for organizations to understand what support programs are available to you to help stabilize your operations and get back on a pathway to growth.

This screening tool lists emergency assistance programs that you may decide to consider based upon information you provide about your organization.

The tool screens for eligibility for the following state emergency support programs:

• Emergency Assistance Guarantee Program – Visit Website
  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.
• NJ Entrepreneur Support Program – Visit Website
  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.

The tool will also check eligibility for financial relief on existing NJEDA obligations and other sources of emergency support such as loans from a CDFI or financing from a private bank.

Coronavirus Aid, Relief, and Economic Security (CARES) Act – Visit Website

Passed by Congress on March 27^th, the CARES Act provided funding for several programs aimed at assisting small businesses. As of April 20^th, the Small Business Administration’s (SBA) Economic Injury Disaster Advance Loan (EIDL) Program established under the CARES Act is no longer taking applications. However, the SBA continues to make programs available to small businesses and more information can be found below.

• SBA Paycheck Protection Program (PPP)
  The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
• SBA Debt Relief – Visit Website
  The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
• SBA Express Bridge Loan Program – Visit Website
  Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
• SBA Local Assistance – Visit Website
  The SBA is also offering counseling to small businesses to learn more about applicable programs and additional local programs.
• SBA COVID-19 Small Business Guidance & Loan Resources – Visit Website
  The SBA’s COVID-19 landing page provides additional guidelines and information on federal programs.