Small Business Resource Guide
To Our Northern New Jersey Community, As we navigate through the next several days, weeks and months dealing with health, family, social and financial concerns that are all very real, being sure you have enough working capital for your business is vital and we have prepared a Small Business Resource Guide to help you. SMALL BUSINESS FINANCIAL ASSISTANCE
Small Business Administration (SBA) Disaster Loans: The SBA is offering disaster assistance loans for up to $2M for small businesses (500 or less employees) affected by the coronavirus. All small businesses should apply. And do NOT wait, as there is a limit to the funds. Businesses can qualify for an interest rate of 3.75%, and nonprofits 2.75%. There is a one year deferment on payments. The application includes a 10-point documentation checklist such as tax returns and financials - allow 6-10 hrs to complete. You can begin by filling out the initial online 4-page loan application directly (HERE) to get in the que for an emergency $10k grant and determine eligibility - do this now before funds run out. Locally, Crown Business Brokers - with over 40 years of business, SBA loans, and tax experience - can assist in preparing and submitting the documentation required for the application and manage any questions that arise. Email [email protected] or call 908.377.7807. These loans are different from normal SBA loan programs in that they are direct loans from the SBA rather than SBA-guaranteed loans through lenders. Borrowers are eligible for loan forgiveness equal to the amount they spend on payroll costs during the eight-week period following loan issuance. Loan forgiveness is also available for interest payments on a mortgage, payment of rent on a lease, and utility payments.
The Paycheck Protection Program (PPP): provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable, to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs. Whatever you borrow for qualified expenses you do not pay back.
STATE OF NJ FINANCIAL SUPPORT PROGRAMS FOR BUSINESS OWNERS
The New Jersey Economic Development Authority: The NJEDA has a package of new initiatives that include a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Applications are anticipated to be opened during the week of March 30th. To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
FEDERAL ASSISTANCE
Tax Filing Deadline Extension: The IRS has deferred the tax filing date of April 15th to July 15th to allow people more time to stabilize their business.
The $2 Trillion Stimulus Package: The package grants households relief in the form of stimulus checks sent directly to Americans and more:
Stimulus Checks
Unemployment Insurance
Paid Family and Sick Leave
Mortgage and Renter Relief
Student Loan Relief
Retirement Plan Changes
OTHER THINGS TO CONSIDER
Facebook’s $100M Small Business Program: Facebook announced they will be putting $100M towards 30,000 eligible small businesses for cash grants and ad credits. Applications will be available in the next couple weeks. Click HERE to sign up for updates as more information comes forward.
Refinance Debt: If you have a mortgage, student loan or other debt, chances are that rates today are better than what you’re currently paying (in fact, rates are historically low right now). Check your current line of credits/margin loans for any potential relief opportunities as well.
Group Short-Term Disability and Other Business Insurances: Look into your business’s STD to see options for an employee with Covid-19. Check with your insurance agent to see if you have business interruption liability coverage or general liability coverage that could help offset revenue lost and expenses due to a temporary business closure.
Wishing you health and safety! #StayConnectedNorthernNJ
* Please refer to the website links above for the most up-to-date as they are refreshing with any new details.








