Coronavirus Business Resources
To better assist our clients, we have prepared the following resources as we know them currently.
SBA Disaster Loan Process and Funding Options
NJSBDC will review:
How to Apply for the Disaster Loan
Disaster Loan Application
NJ Department of Labor Programs
RBAC Loan Program
Small Business Administration (SBA)
New Jersey Economic Development Authority (NJEDA)
NJEDA Announces New Initiatives to Support Businesses Impacted by COVID-19: https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-Announces-New-Initiatives-to-Support-Busines
Paycheck Protection Program:
SBA Resources The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Small Business Administration (SBA) Lenders - Start on Page 32 - https://www.sba.gov/sites/default/files/files/resourceguide_3131.pdf
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 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.
$350 billion is made available for a new Small Business Administration Paycheck Protection Program (PPP).
The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
Lenders participating in PPP
State of New Jersey
The State of New Jersey has established a special 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 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.
If you manufacture and/or distribute products please click here
COVID-19 Manufacturers Resource Hub: ThomasNet created this resource hub to help you and your industrial business with the mission-critical, real-time data and information - Click Here To Access The Hub
New Jersey Department of Labor
COVID-19 Jobs & Hiring Portal: https://jobs.covid19.nj.gov/intake
Congress Finalizes COVID-19 Coronavirus Response Act: Prepare To Provide Paid Sick Leave And FMLA: https://www.fisherphillips.com/resources-alerts-congress-finalizes-covid-19-coronavirus-response-act
Nav’s Small Business Grant: https://www.nav.com/business-grant-contest/
Facebook Grants: Facebook has announced they will be providing $100 million in cash grants or advertising to small businesses. For more information go to www.facebook.com/grantsforbusiness
Kiva Loans: The nonprofit organization Kiva provides 0% interest loans to small businesses worldwide. They are expanding eligibility and the amount of loans provided during this crisis. For more information, go to https://www.kiva.org/blog/support-local-businesses-during-the-coronavirus-pandemic
INCOME TAX PAYMENT DEFERRALS. Treasury Secretary Mnuchin said that both individuals and corporations could defer income tax payments for 90 days.
NJ Division of Taxation
New Jersey extending state tax filing, budget deadlines (updated): https://njbiz.com/new-jersey-extending-state-tax-filing-budget-deadlines/
Filing Deadline is July 15, 2020: https://www.state.nj.us/treasury/taxation/
Guidance from the CDC
New Jersey Department of Health