NEW JERSEY PROGRAMS
A package of new initiatives from the New Jersey Economic Development Authority (NJEDA) includes a grant program for small businesses, a zero-interest loan program for small and mid-size companies, funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Check here for a summary of these programs. To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
The application period beings Friday, April 3 at 9am and will be available here:
COVID-19 Information for New Jersey Businesses
Information for New Jersey Businesses – Graphic
Other NJ Programs and Resources
The Federal Government passed the CARES Act, Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27. This is intended to assist business owners with current needs. The CARES Act programs will be administered through the Small Business Administration. As of March 29, application are not yet available. We will post application information as soon as it is known.
Two programs of note under the CARES Act are:
- Paycheck Protection Program (PPP) Loans – Applications accepted beginning 4/3/20
The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. You will be able to apply for a 7(a) loan with a bank or a mission-based, approved lender. Contact your small business banker to inquire. If they are not an approved lender the SBA will provide a list.
- Economic Injury Disaster Loans & Emergency Economic Injury Grants
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance: EIDL APPLICATION. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
An excellent summary of the CARES Act for small business owners can be downloaded here:
The Small Business Owner’s Guide to the CARES Act
Small Business Owner’s Guide to CARES Act Graphic
Other Federal Programs and Resources
The SBA works with a number of local partners to counsel, mentor, and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. To obtain assistance please contact our local Small Business Administration (SBA) District Office.
Additional Technical Assistance Resources
Rutgers Newark Small Business Development Center
African American Chamber of Commerce of New Jersey (AACCNJ)
New Jersey State Veterans Chamber of Commerce
Rising Tide Capital
Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ)
For Women-Owned Business Technical Assistance
Other Nongovernmental Resources
Funding Resources (Private & Non-profit)