SBA Re-Opening Paycheck Protection Program to All Eligible Lenders

SBA Re-Opening Paycheck Protection Program to All Eligible Lenders

SBA Re-Opening Paycheck Protection Program to All Eligible Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15 at 9 a.m. EST. The portal will fully open on Tuesday, January 19 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.   Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.   On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses... Read More

Action Requested – Please Help Our Restaurants

Action Requested – Please Help Our Restaurants

Dear Chamber Members, Please help our restaurants by emailing Governor Murphy through the link below encouraging him to sign legislation to allow restaurants to continue outdoor dining. The NJ Restaurant and Hospitality Association has been working on this bill with the sponsors and the Governor’s office since last Monday when the governor vetoed the original bill. Thanks to over 6000 connections, yesterday, the assembly and the senate unanimously passed A-5246/ S-3340 to replace bill A-4525 that will allow for the continuation of outdoor dining until November 31, 2022. This legislation will not only give restaurants the ability to continue to offer outdoor dining but will also allow them to plan for the future, something that restaurants have not been able to do since the pandemic began. YOUR HELP IS NEEDED. Please email governor Murphy using... Read More

Legislation Signed to Reduce Unemployment Insurance Payroll Tax

Legislation Signed to Reduce Unemployment Insurance Payroll Tax

Legislation Signed to Reduce Unemployment Insurance Payroll Tax New legislation will reduce the amount of an employer’s unemployment taxes through Fiscal Year 2023 in an effort to continue supporting small businesses impacted by the COVID-19 pandemic. Learn More... Read More

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect

Minimum Wage to Rise to $12/Hour for Most Employees Goes into Effect The New Jersey minimum hourly wage increase announced in September 2020 went into effect on January 1, 2021. The change brings the minimum wage for most employees up from $11 to $12, from $10.30 to $11.10 for seasonal and small business employees, and from $10.30 to $10.44 for agricultural employees. The Department of Labor & Workforce Development outlines the changes in this chart. Read More... Read More

PPP Available This Week

PPP Available This Week

The PPP for first time applicants opens today, and the 2nd draw loan program starts on Wednesday. For more information, please see the below press release that came out on Friday, as well as these summary documents: Top-line Overview of First Draw PPP (1.8.2021)-508 Top-line Overview of Second Draw PPP (1.8.2021)-508   The SBA website has also been update, so you can view all things PPP by visiting www.sba.gov/ppp.   SBA and Treasury Announce PPP Re-Opening; Issue New Guidance   WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11,... Read More

Governor Murphy Signs Historic Economic Recovery Legislation

Governor Murphy Signs Historic Economic Recovery Legislation

Governor Murphy Signs Historic Economic Recovery Legislation NJ.gov Bill Will Provide Aid to Small Businesses and Usher in New Era of Economic Development   TRENTON – Governor Phil Murphy today signed into law the landmark New Jersey Economic Recovery Act of 2020, which will provide economic support for small businesses, while propelling New Jersey’s economic recovery and growth for much of the next decade.   “These programs are the product of nearly three years of hard work, during which we received input from hundreds of voices on how best to structure our state’s recovery and growth,” said Governor Phil Murphy. “I am immensely proud of the result, which will not only provide much needed relief for our small businesses, but will also fundamentally change economic development in our state while creating thousands of high-paying job for our residents.”   Read... Read More

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs

Murphy signs Economic Recovery Act: Here’s breakdown of 6-year, $14B package of programs By Tom Bergeron, ROI-NJ   Governor trumpets return of incentives, saying they will provide relief for small businesses while fundamentally changing economic development   Gov. Phil Murphy signed into law Thursday morning the New Jersey Economic Recovery Act of 2020, a six-year, $14 billion package of incentive programs that he feels will provide economic support for small businesses, while propelling the state’s economic recovery and growth for much of the next decade.   “These programs are the product of nearly three years of hard work, during which we received input from hundreds of voices on how best to structure our state’s recovery and growth,” Murphy said. “I am immensely proud of the result, which will not only provide much-needed relief for our small... Read More

Help Support New Jersey Restaurants

Help Support New Jersey Restaurants

The NJ Economic Development Authority recently announced It will provide grants of $100,000 or more to organizations so they can support restaurants impacted by the COVID-19 pandemic.   The program is open to organizations legally registered to do business in New Jersey and have a track record or capability to purchase bulk meals from New Jersey restaurants   Learn more and start your application at https://business.nj.gov/covid/eligibility-for-sustain-and-serve.   NOTE:   Only organizations legally registered to do business in New Jersey may apply   Restaurants may not apply directly for grants   Application deadline is Friday, January 8   Apply for the grant here: https://business.nj.gov/covid/eligibility-for-sustain-and-serve... Read More

Coronavirus Update for New Jersey Businesses 12/30/2020

Coronavirus Update for New Jersey Businesses 12/30/2020

Today's News for New Jersey Business: Be prepared to apply – more forgivable business loans are coming from the feds. State minimum wage will automatically increase by $1 on Jan. 1. Christmas air travel broke pandemic records. Be Prepared. More Forgivable Loans Under the Federal Paycheck Protection Program are Coming – The New Jersey Chamber of Commerce has been receiving questions about the new federal COVID-19 relief legislation, specifically about changes to the PPP forgivable loans. The PPP program will resume soon thanks to new funding from the relief legislation. We were informed by the N.J. district director of the Small Business Administration (SBA) that it could take up to 10 days before the new application forms for PPP loans are ready. We suggest that any organization interested in applying begin... Read More