We want to implore you to file your SBA Disaster Loan Application – “Economic Injury Disaster Loan” (EIDL). The HBID has been watching for the final vote that would approve all the details of the Economic Injury Disaster Loan program. What we are asking you to file your application on the SBA’s website as soon as you can. The process will take approximately 2-3 weeks from application until you receive your money. This timeline could get extended as more and more applications tare delivered to the SBA. Remember this is a national pandemic so the entire nation is filing their applications. if you can not get through on the website or you have safety concerns for the privacy of your information, you have the option of downloading the forms and mailing the completed forms in via the postal service.

The SBA’s Economic Injury Disaster Loan program https://disasterloan.sba.gov/ela provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

As far as the loan forgiveness, and the restrictions that will control how the monies are used.  We have attached a short explanation below what I read this morning on the NY Times website as we continue to wait to hear officially government.

“But the lag in loan approval could cripple small-margin operations like restaurants, many of which only have cash to sustain themselves for two weeks, said Karen Harned, executive director of the National Federation of Independent Business’s small business legal center.

The program comes with restrictions: Loans are limited to $10 million, to businesses with 500 employees or less. Businesses that have recently laid off workers would be required to repay a larger portion of their loans, and loans covering salaries of over $100,000 a year wouldn’t qualify for forgiveness.

Businesses would not have to repay loans covering up to eight weeks worth of payroll expenses. That means that once businesses receive their loans, a new clock will begin to tick: They’ll have to use the money within two months to avoid repaying it”.

 (Article title: “Small Businesses Paying Workers, if They Can Wait Will Get Help! Authored by Emily Flitter for the NY Times with updates 3/26/2020).

The SBA’s Economic Injury Disaster Loan program https://disasterloan.sba.gov/ela provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

As far as the loan forgiveness, and the restrictions that will control how the monies are used.  We have attached a sort explanation below what I read this morning on the NY Times website as we continue to wait to hear officially government.

We believe the intent of this portion of the program is to help the return of normal operations of the business in the shortest amount of time.  Additional information from, Representative from the 5th District Josh Gottheimer’s website https://gottheimer.house.gov/constituent-services/coronavirus.htm is below.

As the Executive Branch is working through the process of administering the new Coronavirus emergency paid leave program, learn more from the House Small Business Committee about how the program is expected to work here: https://smallbusiness.house.gov/uploadedfiles/smallbusinessfactsheetonfamiliesfirstcoronavirusresponseactfinal.pdf

U.S. Small Business Administration Economic Injury Disaster Loans

The State of New Jersey formally requested the U.S. Small Business Administration (SBA) to issue an Economic Injury Disaster declaration for the state. As of March 18, 2020, the SBA has declared New Jersey an eligible disaster area and Economic Injury Disaster Loans (EIDL) are available.

You may apply for an EIDL loan here: https://disasterloan.sba.gov/ela/


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.


For additional information or to obtain help preparing the loan application please contact the New Jersey District SBA Offices in Newark at 973-645-2434 or by visiting their website: https://www.sba.gov/offices/district/nj/newark

More information regarding the Economic Injury Disaster Loan program can be found here: https://www.sba.gov/page/coronavirus- covid-19-small-business-guidance-loan-resources

FAQ: Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL)

Question: What are Economic Injury Disaster Loans (EIDL)?


• Answer: The Small Business Administration (SBA) is providing low-interest loans to small businesses and non-profits in New Jersey that have been severely impacted by the Coronavirus (COVID-19). The program provides small businesses with working capital loans of up to $2 million that 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 cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profits. The maximum term is 30 years.

Question: Who is eligible?


• Answer: A small business is defined by the SBA’s size standards and is based on the North American Industrial Classification

(NAIC) System. More information can be found here: https://www.sba.gov/document/support–table-size-standards

Question: How long does this process take?


• Answer: While approval timeline depends on volume and is subject to change, the typical time frame for adjudication is 2-3 weeks and disbursement can take up to five days once approved. Borrowers are assigned individual loan officers for the servicing of the loan.

Question: Where can I find more information?


• Answer: Businesses may contact the SBA Disaster Customer Service Center at 1-800-659-2955 or e-mail them at disastercustomerservice@sba.gov.

Additionally, they may reach out to the New Jersey District SBA Offices in Newark at 973- 645-2434 or by visiting their website: https://www.sba.gov/offices/district/nj/newark.

A broader overview of this program may be found here: HERE

State Financial Assistance Programs for Businesses

The New Jersey Economic Development Authority (NJEDA) has a portfolio of loan, financing, and technical assistance programs available to support small and medium-sized businesses. More information on existing products and programs can be found on the NJEDA website for small and midsize business and the services for those businesses.

Speaking with an NJEDA team member may be helpful in understanding what resources may be available to address your business needs. To reach an NJEDA team member, please call 609-858-6767 or share information about your business at https://contactus.njeda.com/ and a representative will contact you promptly.

National Resources for Businesses:

The U.S. Chamber of Commerce has information on resources and ways individuals, or businesses, can seek assistance. For more information, please visit: https://www.uschamber.com/coronavirus or contact: 1-800-638-6582.

The U.S. Chamber of Commerce has a small business resource guide that features technology tools, employer guidance, business strategies and more as you navigate through this challenging time.

For more information, please visit: https://www.uschamber.com/co/small-business-coronavirus.

The National Main Street program has resources for small business and offers community support for those impacted by COVID-19. For more information, please visit: https://www.mainstreet.org/howwecanhelp/resourcecenter/covid19resources or contact 312-610-5613.

Bank Assistance Information

Several banks have set-up contact lines to work with individuals impacted by COVID-19. If a bank is not listed below, reach out to them to find out what they are doing to assist those affected by COVID-19.

The Federal Deposit Insurance Corporation (FDIC) and the (National Credit Union Administration (NCUA) have also put out information for bankers and consumers.

FDIC: https://www.fdic.gov/coronavirus/index.html NCUA: https://www.ncua.gov/

Other banks assisting during COVID-19:

o Bank of America: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus

o Capitol One: https://www.capitalone.com/coronavirus/


o Chase: https://www.chase.com/digital/resources/coronavirus

o CitiBank: https://online.citi.com/US/JRS/pands/detail.do?ID=covid19

o Discover: https://www.discover.com/coronavirus

o PNC: https://www.pnc.com/en/customer-service/coronavirus-update.html


o US Bank: https://www.usbank.com/splash/covid-19.html


o Wells Fargo: https://newsroom.wf.com/press-release/corporate-social-responsibility/wells-fargo-donates-625-million-aid- coronavirus

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