COVID-19 Resources For Small Businesses
INFORMATION FROM THE US TREASURY
Assistance for Small Businesses
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.
Additional Resources For Small Businesses
Restaurant and Restaurant Worker LInks
SBA Disaster Loans
The registration for SBA Disaster Loans is open for New Jersey. Register here:
MORE INFORMATION FROM SBA
Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Small Business Grant
Sign up to receive information about grants for small businesses:
US Chamber of Commerce Guide to Coronavirus Loans
New Jersey Economic Development Agency
Information for NJ Businesses on the COVID-19/Novel Coronavirus Outbreak:
IRS Tax Credits
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.
Click here to read the announcement from the IRS.
New Jersey Department of Labor
Benefits and the Coronavirus (COVID-19): What Employees Should Know
Small Business Support Information
#1 /Small Business Emergency Assistance Grant Program
What is it?
A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.
The Small Business Emergency Assistance Grant Program willprovide 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.
- Minimum grant amount (per application): $1,000
- Maximum grant amount (per application): $5,000
Total available funding of up to $5 million of which $3 million of the program funds will be set aside for SMEs with 5 or fewer FTEs.
- Non-profit organizations are eligible for this program. Eligible non-profits must have status of 501(c)(3), 501(c)(4), 501(c)(7)
#2 /Small Business Emergency Assistance Loan Program
What is it?
A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.
The Small Business Emergency Assistance Loan program is designed to providea direct loan of up to $100,000 to NJ-based small businesses and non-profits organizationsthat have been in existence for at least one-year and has less than $5 million in annual revenue. These businesses 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).
Your organization is eligible for the Small Business Emergency Assistance Loan Program if you…
- Have a physical commercial location in the State of NJ. Home-based businesses are not eligible for this program
- Have been in existence for at least one year
- Have less than $5M annual revenue
- Can show a global debt service coverage ratio of 1.00 (as of December 31st, 2019)
- Are able to demonstrate negative impact related to COVID-19 on or after March 9th, 2020
- Are registered to do business in the State of NJ
- Must certify that the company is in good tax standing with the State
- Are in good standing with the Department of Labor and Workforce Development, with all decisions of good standing at the discretion of the Commissioner of the Department of Labor and Workforce Development
- Are able to provide a CEO certification that the firm will make its best-effort to not lay off employees or will re-hire employees as soon as possible
- Non-profit organizations are eligible for this program; eligible non-profits must have status of 501(c)(3), 501(c)(4), 501(c)(7)