Multiple state, local and national agencies are aimed at helping businesses in New Jersey deal with the impact of COVID-19/Coronavirus. Whether the impact is on your employees or your bottom-line, below are resources to help support the business community during this challenging time.
The State of Jersey website devoted to business concerns during the coronavirus emergency. The site, cv.business.nj.gov, will be updated as new information becomes available. We encourage you to check the site periodically for updates.
The New Jersey Business Action Center's Helpline is now available from 8:00 am - 9:00 pm, seven days a week. Call 1-800-JERSEY-7 to address any concerns you or your employees have or visit nj.gov/njbusiness.
The NJEDA has created a webpage that directs business owners to various resources to assist in coping financially with the COVID-19 public health crisis. This site will be updated with any new programs or support that becomes available.
NJEDA Micro Loans makes financing of up to $50,000 available to NJ businesses with annual revenues of no more than $1,5000,000 and 10 full-time employees or less.
There are many questions about the appropriate leave an employee should take if they have been exposed to the virus, contract the virus or cannot work because their place of employment has been forced to close. The NJDOL has created a Website Here to answer questions related to leave.
NJ Department of Labor’s employer services page, “What Employers & Businesses Should Know.”
The USSBA has approved New Jersey for SBA lending programs for the current crisis and will be opening their website for new applications. Please visit SBA.gov/disaster for information on how to apply.
The new federal legislation and appropriations has opened up the possibility for small businesses to receive assistance for economic loss due to COVID-19. Details of eligibility and administration of this assistance from SBA are still being addressed. However, some information from the traditional SBA Economic Injury Disaster Loan (EIDL) program may still apply for COVID-19.
Please refer to the SBA's coronavirus website for up-to-date information.
Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – (Closed as of 4/14/20) (Grant applications open April 8, 2020 at 9am) - A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low-interest working capital to micro-businesses.
CDFI Emergency Assistance Grant Program (added 4/3/20)(Closed as of 4/14/20) – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.
Small Business Emergency Assistance Grant Program (added 4/3/20) - In response to the economic challenges being faced by New Jersey Small and Medium sized businesses and non-profits (collectively “SMEs”), the New Jersey Economic Development Authority (NJEDA) has created the Small Business Emergency Assistance Grant Program.
Your organization is eligible for the Small Business Emergency Assistance Loan Grant if you…
1. Will make a best effort not to furlough or lay off any individuals from the time of application through six months after the end of the declared state of emergency. SMEs that have already furloughed or laid off workers must make a best-effort pledge to re-hire those workers as soon as possible. Any material breach of its best efforts certification may result in the NJEDA seeking repayment of the grant.
2. Has been negatively impacted by the COVID-19 declared state of emergency in Executive Order 103 (e.g., has been temporarily shut down, has been required to reduce hours, has had at least a 20% drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production).
3. Has a material financial need that cannot be overcome without the grant of emergency relief funds at this time (e.g., does not have significant cash reserves that can support the SME during this period of economic disruption
Types of businesses not eligible:
In order to apply for the grant, businesses will need to provide the following…
Contact information for someone who is authorized to speak on behalf of your company. For example: an owner or an executive such as a CEO or Executive Director
Basic information about your company.
Your organization’s industry as defined by your NAICS code. To confirm your NAICS code, check your federal tax filing or use this site to look up your NAICS code: naics.com/search.
Be able to answer the State’s basic debarment question. To see the full application and read the State debarment questions, you may access a copy of the loan application now,
Be able to affirmatively answer and/or certify that:
The New Jersey Small Business Development Centers (NJSBDC) are assisting small businesses throughout New Jersey concerning financing and other forms of technical assistance. We wish to provide you with information on the new Paycheck Protection Program (PPP).
General Program Description
The PPP is intended to provide business loans to enable small businesses to maintain their workers on payroll. The program extends through June 30, 2020 but you are encouraged to apply very soon.
Loans will be forgiven if the small business retains its employees for an eight week period; loan funds may be used for payroll, rent, mortgage interest, utilities.
Small Business Eligibility
A small business with fewer than 500 employees, private non-profits or 501(c )(19) veteran organizations affected by COVID-19 are eligible for such loans; includes sole proprietorships, independent contractors, self-employed individuals, and small businesses in hospitality/food sector with more than one location. Businesses in certain industries which have more than 500 employees can be eligible, if they meet the SBA’s size standards criteria for those industries.
The SBA anticipates that it will take a substantial time commitment to complete the application.
Businesses can apply through any existing SBA 7(a) lender or through participating federally insured depository institutions, federally insured credit union, and Farm Credit System institution.
Business applicants are encouraged to contact their SBA 7(a)local lender.
Please note that we appreciate your patience as we are receiving a high volume of calls, inquiries, and email messages. Due to the crisis, the network is working remotely. Please contact the regional SBDC nearest to you.
State of New Jersey Website Devoted to COVID-19 Business Concerns
The State of New Jersey has established a special website devoted to business concerns during the coronavirus emergency. The site, will be updated as new information becomes available. We encourage you to communicate this with the appropriate individuals within your organization.
In addition, the New Jersey Business Action Center’s Helpline is now available from 8:00 am – 9:00 pm, seven days a week. Call 1-800- JERSEY-7 to address any concerns you or your employees have.
US Small Business Administration Business Information
The USSBA has approved lending programs for the current crisis and will be opening up their website for new applications! A good source of information:
SBA hotline number 800-659-2955.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Additional funding for business has been approved by the US Congress. Please note brief summary below:
Paycheck Protection Program Applications Opens on April 3, 2020
The Treasury has just announced the start date of the Paycheck Protection Program (PPP) that is designed to provide the necessary cash flow to give employers the ability to maintain their payroll during this current crisis.
When to Apply
We encourage you to apply as quickly as you can because there is a funding cap.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and sole proprietorships can apply starting April 3. Independent contractors and self-employed individuals can apply starting April 10.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Small businesses employing 500 or less and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
The measure puts $370 billion into aid for low-interest loans for small businesses to help them meet expenses and trying to keep employees on the payroll, even though they may not be open or have incoming revenue. It also includes an additional $60 million for disaster loans. It grants $75 billion to hospitals struggling to cover costs during the crisis and $25 billion for efforts to ramp up additional testing. The package becomes the fourth passed by Congress to respond to the outbreak, with a total cost approaching $3 trillion.
The legislation includes:
• $310 billion in new funds for the Paycheck Protection Program, which provides small business loans that can be forgiven if used for wages, benefits, rent, and utilities. $60 billion is set aside for small lenders.
• $60 billion for Small Business Administration disaster assistance loans and grants.
• $75 billion in grants to hospitals dealing with a flood of patients.
• $25 billion to bolster coronavirus testing, a key part of efforts to reopen the economy.
The Small Business Administration issued new guidance on Thursday making it less likely that big publicly traded companies can access the next round of funding for the U.S. government's small business relief program. It also stepped up pressure on public companies that have tapped funds to return the money. Applications to begin Monday, April 27. With funding running our early at last pass, it is highly recommended to apply now.
How do I apply for a small-business loan through the Paycheck Protection Program?
The most recent application form is posted on the Treasury Department's Cares Act resource page. Once you gather the information described in the form, you should contact an SBA-approved lender. You can find one by plugging your Zip code into an online tool on the SBA's website. For local businesses, below is a list of New Brunswick banking offices.
TRENTON, N.J. (April 24, 2020) - The New Jersey Economic Development Authority (NJEDA) announced today that Goldman Sachs, in partnership with Pursuit, has committed $10 million to loans for small businesses in New Jersey. The commitment is part of Goldman Sachs's 10,000 Small Businesses initiative.
Loan applications are currently available at www.pursuitlending.com/pppapply.
Local New Brunswick City Center Banking Centers Accepting PPP and EIDL Loan Applications
Other local banks - Please call to see if they are accepting loan applications
FAQ - Full List (added 3/30/20)
New Loan Incentive Programs Available to Businesses Through the CARES Act
Due to the unfortunate Coronavirus pandemic, bi-partisan Congressional efforts have been in full force to support and encourage economic relief for individuals and businesses hard hit during this ongoing crisis. There have been a number of benefits passed via the Phase 1, Coronavirus Preparedness and Response Supplemental Appropriations Act and the Phase 2, Families First Coronavirus Response Act.
However, the most significant benefits package to date, the Phase 3 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act or Act”) has recently been passed by Congress and signed into law by the President. The Act delivers over $2 trillion in economic stimulus aimed at providing relief for individuals and businesses, as well as specific industries most seriously harmed by this pandemic.
For additional information on COVID-19/Novel Coronavirus and its impact on businesses, visit the State of New Jersey business portal. (Updated: 3/24/20)
New Jerseyans feeling the emotional and mental toll of COVID-19 can now get support from a special helpline. NJ Mental Health Cares, the state’s behavioral health information and referral service, will now also offer help to people dealing with anxiety and worry related to the COVID-19 outbreak. Residents can call 1-866-202-HELP (4357) for free, confidential support. This hotline will be answered from 8 a.m. to 8 p.m. seven days a week by live trained specialists.
Call in advance to confirm hours & resources.
For regular updates, follow the New Brunswick City Market on Facebook and Twitter.
As additional resources are made available, we will share them with our members and keep everyone up-to-date with the ever changing landscape.