Representative Sherrill launched a survey to collect additional information from our small businesses on their experiences with the Paycheck Protection Program and the Economic Injury Disaster Loan (EIDL) Program. To complete the survey, please click here: https://bit.ly/3cTBzhq
THE CARES ACT & SMALL BUSINESSES:
On March 27, 2020, the House passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which included:
- $350 billion in loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage, and utilities.
- $10 billion for Small Business Administration (SBA) emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
- $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.
The federal programs below were established or expanded by the CARES Act in order to provide small businesses and non-profits with additional grant and forgivable loan opportunities:
- Paycheck Protection Program
- Economic Injury Disaster Loans & Emergency Economic Injury Grants
- Employee Retention Tax Credit
The CARES Act tasks the U.S. Small Business Administration with overseeing the distribution of millions of dollars in loans and grants to help small businesses survive the pandemic. It also provides additional funding for SBA’s Resource Partners to provide advice and training to help small businesses respond to the unprecedented challenges in communities throughout the country.
This page will be updated as more information is available. If you have any questions, please reach out to our office at 973-526-5668.
RESOURCES FOR SMALL BUSINESSES UNDER THE CARES ACT:
Small Business Administration:
NOTE: Applications for both the Economic Injury Disaster Loans and Paycheck Protection Program are NOW OPEN.
To get find an approved SBA lender near you please contact: https://www.sba.gov/paycheckprotection/find
To apply for the federal loan and grant programs above:
U.S. Small Business Administration
Call: Disaster Assistance Customer Service Center: 1-800-659-2955
SBA NJ District Office: 973-645-2434
Resource Guides from the U.S. House of Representatives, Committee on Small Business:
Key resources from the Committee on Small Business can be found below.
Additional information can be found on their website.
PDF: The Small Business Owner’s Guide to the CARES Act
PDF: CARES SBA Flow Chart
U.S. Chamber of Commerce Small Business Guides on the CARES Act:
Please also reach out to your local county and municipal chamber organizations throughout NJ-11 who have a number of resources and programming to assist you.
U.S. Department of the Treasury Resources:
CARES Act Assistance to Small Businesses — focuses on Emergency Loans / Paycheck Protection, including a link to the application.
NJ Economic Development Authority (NJEDA) Emergency Assistance Programs:
The New Jersey Economic Development Authority has announced a slate of emergency assistance grant, low-interest loan, and loan guarantee programs that you can find more about here. Applications can be submitted beginning 9:00am on Friday, April 3.
The State of New Jersey has created a website dedicated to guidance and resources for businesses. Here you will find the most up to date information on closures, restrictions, best practices, employees, and economic assistance. The New Jersey Business Action Center is available to answer business-related questions and can be reached at 1-800-JERSEY-7.
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.
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.
Facebook is offering up to $100 million in cash grants and ad credits for affected businesses. More information is available here.
Resources for Businesses Re-Tooling to Produce PPE or Other Necessary Supplies:
NJ Manufacturers Extension Program
The New Jersey Manufacturers Extension program is updating their database showcasing companies with the ability to support manufacturers and the supply chain industry. They are collecting information on capabilities, products created, and current inventories. NJMEP hopes to connect companies with organizations that need products in response to the Coronavirus.
The survey is available here.
They have also provided Coronavirus guidance for manufactures here.
Federal Emergency Management Agency
FEMA has listed a link on their website for private firms that wish to supply PPE in response to the coronavirus. More information is available here.
Several Banks have set up contact lines to work with individuals impacted by COVID-19. If a bank is not listed below, reach out to them to find out what they are doing to assist those affected by COVID-19. The FDIC and the NCUA have also put out information for bankers and consumers.
Capital One: https://www.capitalone.com/coronavirus/
Marcus by Goldman Sachs: https://www.marcus.com/us/en/media/blogs/info-on-covid19