Sherrill Announces Additional COVID-19 Resources for New Jersey Small Businesses
Parsippany, NJ -- Representative Mikie Sherrill (NJ-11) announced today additional COVID-19 resources for New Jersey small businesses through the U.S. Small Business Administration and the New Jersey Economic Development Authority.
Starting today, the U.S. Small Business Administration will begin accepting applications for the Paycheck Protection Program through banks, private lenders, and credit unions. This funding was provided as part of the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Sherrill helped pass last week. The New Jersey Economic Development Authority (NJEDA) grant funding application for COVID-19 impacted small businesses will also go live today to help New Jersey small businesses.
“Small businesses across the community are facing unthinkable challenges right now, and it’s crucial that we support them in every way we can,” said Representative Sherrill. “I’ve heard from small businesses — from first time business owners to family companies who have operated in North Jersey for generations — all of whom are rightfully worried about what the coming weeks and months hold as we continue to fight the COVID-19 crisis.”
Sherrill also called on the U.S. Treasury Department to ensure that federal programs run efficiently following reports from banks and lenders warning of delays to the Paycheck Protection Program.
“I advocated for strong funding for small businesses in the bipartisan legislation we passed in the House, and believe we need to get relief to New Jerseyans as quickly as possible. I am concerned, however, about reports from banks and lenders warning of delays in administering these programs until they receive additional guidance from the administration. With so many of our small businesses urgently needing help, any delay is unacceptable. The Treasury Department must ensure that proper guidance is given so this program can run as smoothly as possible for New Jersey small businesses.”
The Paycheck Protection Program will provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain payroll during the COVID-19 emergency. Employers that maintain payroll will have these loans forgiven. The program is retroactive to February 15, 2020, so small businesses who have laid off employees can bring them back onto payroll. These loans are available through June 30, 2020. More information is available here.
The NJEDA Small Business Emergency Assistance Grant Program will help small businesses and nonprofits through operating expense grants. Businesses can apply athttps://cv.business.nj.gov.
Small businesses in the community can find additional resources and information on Representative Sherrill’s website. Residents with questions or concerns can call Representative Sherrill’s office at (973) 526-5668.