We are aware that the COVID-19 outbreak has created challenging and uncertain times for all of our tenants and clients. To help you navigate these unprecedented times, we have compiled a list of resources available in one central location to help business owners during the crisis.
We will continue to monitor these programs and update this page accordingly as additional information becomes available
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.
ADDITIONAL INFORMATION ON STATE RESOURCES
Latest Coronavirus News for New Jersey Businesses – Visit Website
The NJ Chamber of Commerce is regularly updating their website with information regarding COVID-19’s impact on the state’s business community.
Division of Taxation COVID-19 Related Information – Visit Website
New Jersey recently extended its tax filing deadline for individuals and businesses. This page will continue to be updated with specific information as it becomes available.
Passed by Congress on March 27th, the CARES Act provided funding for several programs aimed at assisting small businesses. As of April 20th, 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.
ADDITIONAL INFORMATION ON FEDERAL RESOURCES
Assistance for Small Businesses – Visit Website
The U.S. Department of The Treasury provides an overview on the Paycheck Protection Program available for small businesses as well as additional information for borrowers and lenders.
Q&A and Checklist for Emergency Loans – Visit Website
The U.S. Chamber of Commerce provides a small business guide and checklist to help businesses prepare to file for a loan under the Paycheck Protection Program, an initiative established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
How the Federal Stimulus Can Support Small Businesses and Nonprofits – Visit Website
The National Trust Community Investment Corporation has compiled the highlights of available resources within the federal stimulus that can help those in need.
Congress Approves Economic Relief Plan for Individuals and Businesses – Visit Website
The Tax Foundation provides an overview of key updates to the CARES Act and the support it includes for individuals and businesses.