The NJ Economic Development Agency 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. https://www.njeda.com/about/Public-Information/Coronavirus-Information. Once on this website click the link for the Grant program https://faq.business.nj.gov/en/articles/3835237-what-grants-are-available-for-small-and-medium-sized-businesses-via-the-njeda-small-business-emergency-assistance-grant

The State of N.J. has established a special website to address business concerns related to the Coronavirus. The site, cv.business.nj.gov, is being updated as new information becomes available. We encourage you to review the website regularly and to share this information with others.

The N.J. Business Action Center has a helpline which is available from 8:00 am – 9:00 pm, seven days a week. Call 1-800- JERSEY-7 for any assistance you or your employees might need. 

The US SBA has approved New Jersey for SBA lending programs for this emergency and will be opening up their website for new applications! There was a glitch in the system earlier this week & NJ was not listed.  It has now been updated! Applicants may apply online, receive additional disaster assistance information, and download applications at: https://disasterloan.sba.gov/ela.

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 by the US SBA. However, some information from the traditional SBA Economic Injury Disaster Loan (EIDL) program may still apply for COVID-19. 

The US SBA Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

Helpful links below:
https://www.sba.gov/disaster-assistance/coronavirus-covid-19

https://disasterloan.sba.gov/ela/Documents/SBA-Disaster-Assistance-Loans-Businesses-Nonprofits.pdf

https://www.sba.gov/sites/default/files/files/serv_da_all_loanapp_5_0_4.pdf

https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disas
ter_Loans.pdf

Main Street USA has created a page that helps small business gather pertinent information dealing with the Covid- 19 from CDC Resources, SBA Resources, Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.  U.S. Dept. of Labor and the US Chamber of Commerce .

Additionally, Main Street USA has recommended a Facebook page of https://www.facebook.com/RhondaAbramsSmallBusiness/ Rhonda does a daily live facebook chat at 1pm filled with very good information for small businesses. Also another good link Business Survival Strategies | Friday, March 27 at 10:00am EDT | Hosted by Rutgers University | RSVP via cueed@business.rutgers.edu via your name and email.

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