Business Resources


Meeting with small business owners across the district during COVID, it is clear that the Paycheck Protection Program (PPP) established by the CARES Act last March has been a lifeline during this crisis. In fact, $530 million in PPP loans under $150,000 came to NJ-11 in 2020. 

But it was also extremely clear that small businesses needed more relief. I was proud to vote for the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 that passed in December. This legislation reopened the PPP through March 31, 2021, with $284.45 billion in funding.

The PPP is reopening in stages. On Friday, January 15 it opened to lenders with less than $1 billion in assets. And it opens to ALL lenders on Tuesday, January 19. Similar to the first round of the PPP, small businesses and nonprofits should apply for the loans through a private lender. Large banks, community banks, and FinTech lenders are all taking applications. 

First Draw and Second Draw loans are available for eligible small businesses and nonprofits. 

  • You may be eligible for a First Draw loan if you did not receive a PPP loan prior to August 8, 2020. 

  • You may be eligible for a Second Draw loan if you already received and spent your First Draw, have 300 employees or less, and can demonstrate a 25% loss in revenue between comparable quarters in 2019 and 2020.

Other highlights of the legislation with respect to PPP include a simplified 1-page loan forgiveness certification for those who received a loan of $150,000 or less and expanded use of PPP funds to include new expenses like PPE and some operational expenses. With respect to the tax treatment of PPP Loans, this provision clarified that gross income does not include any amount that would otherwise arise from the forgiveness of a PPP loan.

For more information and updates you can visit or, or go to the resources below:

  • Click here for more information from the SBA on the reopening of the PPP program.

  • Click here for the SBA’s Topline Overview of the First Draw PPP Loans.

  • Click here for the SBA’s Topline Overview of the Second Draw PPP Loans.

  • Click here to find the SBA Guidance on Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Business.

  • Click here for the SBA’s recently released Interim Final Rule on PPP which consolidates prior rules as well as including new rules resulting from the most recent legislation. 

  • Click here for details from the House Committee on Small Business on the Economic Aid Act or here for a section by section summary of the legislation. 

  • If you need assistance finding a lender, click here to access the SBA Lender Match tool. Click here for a list of non-bank or “FinTech” lenders. 

Please also reach out to my office at any time for additional assistance.



Economic Injury Disaster Loans (EIDL) have been another key part of the small business relief throughout COVID, with an excess of $600 million in loans coming to NJ-11 in 2020. The SBA has announced that as a result of the COVID relief legislation signed at the end of December it was extending the application deadline for the EIDL program to December 31, 2021.

The Economic Aid Act also made clarifications about the treatment of EIDL Advance Amounts with respect to the deduction from loan forgiveness (including retroactively) and exclusion from gross income for tax purposes. 

The EIDL Advance program is currently closed but was provided with an additional $20 billion through this legislation targeted to certain businesses. We will keep you updated when we have more information on reopening and eligibility requirements.  

  • Click here for more information on the SBA’s announcement of the extended EIDL deadline.

  • Click here to learn more from the SBA’s EIDL page.

  • Click here for details from the House Committee on Small Business on the deduction and taxation clarifications for EIDL Advance Amounts in the Economic Aid Act or here for a section by section summary of the legislation.


Additional Small Business Resource Organizations:

NJ Small Business Development Center


The New Jersey Small Business Development Center is continuing to provide training and counseling programs remotely. They have also listed resources for businesses impacted by coronavirus on their website. SBDCs across the country were provided with additional funds under the CARES Act to assist business owners with loan programs and coronavirus concerns.

New Jersey COVID-19 Business Information


The State of New Jersey’s Business Information website has up-to-date information     on relief programs, reopening rules & guidelines, and workplace health and safety     standards

Women’s Center for Entrepreneurship Corp. 


The WCEC is a New Jersey affiliate of the Women’s Business Centers, a national nonprofit network that provides support for women entrepreneurs. WBCs around the country were provided with additional funding under the CARES Act to assist businesses in navigating the coronavirus. 

New Jersey Business & Industry Association

NJBIA is offering Coronavirus guidance on their website.

New Jersey Restaurant & Hospitality Association

Guidance for the restaurant and hospitality industry is available here.

Main Street America

This organization focuses on economic issues impacting downtown communities. For information specific to Coronavirus, visit their website.