News & Updates
The New Jersey state tax filing deadline will be extended from April 15 to July 15. (Source: NJ Chamber)
The state fiscal year (which ends June 30) will be extended to September 30. (Source: NJ Chamber)
The N. J. Economic Development Authority will begin accepting applications for small business emergency assistance grants starting Friday, April 3 at 9am. Applications will be accepted for a week, or until funds run out for this particular grant. Application for other NJEDA COVID-19 programs, including no/low interest loans, will be available in the coming weeks. (Source: NJ Chamber)
COVID-19 Economic Injury Disaster Loan Application
Link: https://covid19relief.sba.gov/#/
Description: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan 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. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Paycheck Protection Program
Link: https://www.sba.gov/funding-programs/loans/paycheck-protection-program
Description: 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.
Under this program:
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
NJ COVID-19 Information Hub Emergency Assistance Eligibility Wizard
Link: https://assistance.business.nj.gov/
Description: The COVID-19 outbreak is causing extraordinary disruption for companies and non-profits across the Garden State. The NJEDA wants to make it easy for organizations to understand what support programs are available to you to help stabilize your operations and get back on a pathway to growth.
This is a beta version of the Eligibility Wizard that focuses on newly announced State Emergency Assistance programs and the SBA disaster loan program. We will be updating it regularly as new federal, state, local, and philanthropic programs become available.
Social Media to Follow
U.S. Small Business Administration https://www.facebook.com/SBAgov/
New Jersey Economic Development Authority https://www.facebook.com/NewJerseyEDA/
Learn More
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security
(CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will
be many new resources available for small businesses, as well as certain nonprofits and other employers.
This guide provides information about the major
programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.