Relief for Small Businesses

Today’s Coronavirus News for New Jersey Business 4/3/2020
RELIEF FOR SMALL BUSINESSES
Apply Now – Today, applications are being accepted for two different funding programs for small businesses. All the information is below:
N.J. Economic Development Authority’s Small Business Emergency Assistance Grant Program
The State’s Program – The N.J. Economic Development Authority this morning began accepting applications for grants of up to $5,000 under its Small Business Emergency Assistance Grant Program.
Get more information and get the application here.
Apply Early – Businesses are encouraged to apply as soon as possible, as there is expected to be high demand for the program that is currently capped at $5 million.
Call for Help – The NJEDA has established the toll-free number 844-965-1125 for inquiries related to its Small Business Emergency Assistance offerings. The hours are Monday – Friday: 8 a.m. to 9 p.m.; Saturday and Sunday: 11 a.m. to 5 p.m.
The U.S. CARES Act Paycheck Protection Program
Apply for PPP – Participating lenders are scheduled to begin accepting applications for the $349 billion Paycheck Protection Program loans. Under this program, being administered by the SBA, loans will be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Participating Lenders – To locate lenders who are participating in this program, the SBA has developed an online portal to search for lenders by zip code.
Rocky Start? – Be prepared for some roll-out issues with the SBA program, but we still encourage you to apply to get the ball rolling, as lenders and the SBA are working diligently to work out details. As of late yesterday, many banks said they were still awaiting key guidance from the government on how to administer the SBA program (CNBC)
Questions & Answers – Check out our conference call full of information on federal relief programs featuring Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce.
Other Federal Relief Offerings – In addition to the Paycheck Protection Program, there are these offerings: SBA Debt Relief; SBA Express Bridge Loans; and Economic Injury Disaster Loan Emergency Advance.
Other News
Cases in New Jersey – New Jersey officials announced 3,489 new coronavirus cases Wednesday, increasing the statewide total to 25,590 positive tests with 537 deaths as the outbreak continues to expand.
Inside the Numbers – There have been about 59,110 coronavirus tests performed on New Jersey residents, of which 25,590 have tested positive, according to the New Jersey Department of Health. This brings the positivity rate to 43.3 percent.
Blood Bank – Blood donation drives can continue in order to meet the critical medical needs of New Jersey residents, as long as mitigation efforts are made to prevent the spread of COVID-19, Gov. Murphy said.
Get Counted – Respond to the census to help ensure the state gets its fair share of federal funding.
Resources
The U.S. Chamber of Commerce put out a guide for small businesses on the coronavirus emergency loans introduced by the federal government.
U.S. Small Business Administration is offering low-interest disaster loans to small businesses in New Jersey.
The state’s jobs and hiring portal matches employers and candidates.
For employers to participate, click here.
New Jersey’s website for up-to-date information about COVID-19.
New Jersey’s website with information for businesses and the impact of coronavirus.
To report a scammer or suspected price gouging, alert the N.J. Division of Consumer Affairs at (973) 504-6240 or at http://njconsumeraffairs.gov.
The state set up a 24-hour hotline where health care professionals are answering questions about coronavirus. The toll-free number is 1-800-222-1222. From outside the state, call 1-800-962-1253.

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