Member-to-Member Business ResourcesCCSNJ Business ResourcesCOVID-19 Business ResourcesSmall Business ResourcesNJ Economic Development Association (NJEDA) Resources
NJEDA Emergency Small Business Grant Applications Now Open
The application for the New Jersey Economic Development Authority (NJEDA) Small Business Emergency Assistance Grant Program is now open. A link to the grant program application is posted on the State’s COVID-19 Business Information Hub. The grant program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
Eligibility Guidelines for Small Business Emergency Assistance Grant Program
Businesses applying for the Small Business Emergency Assistance Grant Program must provide:
A contact who is authorized to speak on behalf of the company.
On Friday, April 3, New Jersey lenders will start to accept applications for SBA Paycheck Protection Loans. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Loan Terms & Conditions
Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
Maximum loan amounts up to $10 million
Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
All loans under this program will have the following identical features:
Interest rate of 1%
Maturity of 2 years
First payment deferred for six months
100% guarantee by SBA
No personal guarantees
No borrower or lender fees payable to SBA
NJEDA Announces Application Launch Date for Loan Program for Small Businesses Impacted by COVID-19
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 am. The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a .pdf version of the application will become on Monday, April 6th.