COVID-19 SMALL BUSINESS

RESOURCES

Has your business been impacted by the Coronavirus (COVID-19)?
The NW-NJSBDC is here to provide access to the disaster capital and resources your business needs to recover, rebuild and grow.

If your business has been adversely impacted by COVID-19 you may eligible and qualify for a no-interest, no-fee state and/or a low-interest federal business disaster loan.  In this section of our website, you will find a wealth of information to help you with your business recovery efforts, including details about Federal and State Small Business Disaster Loan Programs; information on Where to Find Assistance; Additional Resources; and more.

New Jersey Community Capital

Garden State Relief Fund

Click Here for information about eligibility, loan program details, and how to apply.
Application Details

New Jersey Community Capital (NJCC) is offering working capital loans to small businesses and non-profits negatively impacted by the COVID-19 pandemic. This program received initial support from the Pascale Sykes Foundation and a personal commitment from President and CEO, Fran Sykes. Given the immediate need for these loans, NJCC will aim to process loan applications within 10-14 business days.

Eligibility

  • Businesses and nonprofits with 3 to 50 full-time employees. NJCC will aim to process Garden State Relief Fund applications within 10-14 business days.
     

  • Special opportunity for businesses located in the THRIVE South Jersey footprint (Gloucester, Cumberland, Salem, and Western Atlantic Counties), thanks to the generous support of the Pascale Sykes Foundation. Please click here for more information. 

 

Loan Terms

  • Up to 36 months. Please view this form for complete eligibility and terms. 

Federal Disaster Loans for Small Business 

Paycheck Protection Program Loan Guarantee and Forgiveness

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline:  June 30, 2020

Passed by Congress, and signed by the President, the Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program intended to provide eligible small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loan from the U.S. Small Business Administration. To apply for forgiveness, small businesses must submit documentation regarding the eligible uses of loan funds (payroll costs, mortgage interest, utilities, etc.), a certification that such documents are true and correct, as well the amount to be forgiven, and any other documentation deemed necessary by the U.S. Small Business Administration. The amount any small business is eligible to borrow and be forgiven is 250 percent of their average monthly payroll expenses, up to a total of $10 million. 

Federal Disaster Loans for Small Business 

U.S. SBA Economic Injury Disaster Loan (EIDL)

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline:  December 18, 2020

The U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. he President has activated a presidential disaster declaration in response to COVID-19. Impacted businesses, small agricultural cooperatives, and private nonprofit organizations may apply for low-interest loans through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. If your business has suffered substantial economic injury, you may qualify for an EIDL. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

New Jersey Economic Development Authority (NJEDA) for Small Business 

NJEDA Small Business Emergency Loan Program

Click Here for information about eligibility, loan program details, and how to apply.
Opens: April 13, 2020, 9 AM

You may now access a copy of the loan application to help you prepare your submission. Completed applications will be considered on a first come, first serve rolling basis. To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.

 

The Small Business Emergency Assistance Loan program is designed to provide a direct loan of up to $100,000 to NJ-based small businesses and non-profits organizations that have been in existence for at least one-year and has less than $5 million in annual revenue. These businesses must have been negatively impacted by the COVID-19 outbreak (including, but not limited to: reduction of business hours, complete closure of business, at least a 20% decline in revenue, employees unable to work, required to close by government, or disruption of supply chain).

  • $10M Program; no-to-low interest capital loans;

  • Up to $100,000;

  • Available to businesses with less than $5M in revenues. 

New Jersey Economic Development Authority (NJEDA) for Small Business 

NJEDA Small Business Emergency Assistance Grant

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline:  April 10, 2020, 9 AM

To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard. Explore how how NJEDA determines grant size with the Grant Size Calculator. You may also access a copy of the grant application now, to assist you with preparing your submission. More information is available below on the grant scope, eligibility, and the materials that will be required for application submissions.

The Small Business Emergency Assistance Grant Program will provide up to $5,000 to NJ-based SMEs that have between 1–10 full time equivalent employees (“FTE”). The grant funding is targeted as unrestricted payroll and working capital support, and cannot be used for any capital expenses, including construction.

Grant values are calculated at $1,000 per FTEs reported on business’ WR-30 filed with the New Jersey Department of Labor and Workforce Development.

US Chamber Foundation

 Save Small Business Fund

Click Here for information about eligibility, program details, and how to apply.
Application Closed

The U.S. Chamber Foundation is teaming up with a coalition of companies to establish the Save Small Business Fund, and provide $5,000 grants to help small employers.

 

Eligibility 

  • Between 3 to 20 employees 

  • Located in an economically vulnerable community  

  • Have been harmed financially by the COVID-19 pandemic

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