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shopkinsMarch 27, 2020

Coronavirus Small Business Support | Economic Disaster Relief

SBA Emergency & Injury Disaster Loan EIDL Program for Small Businesses affected by the Coronavirus (COVID-19)

The NJSBDC network is working hard to help NJ’s small business owners overcome business issues due to the Coronavirus (COVID-19) pandemic.

Please contact your regional NJSBDC to request remote one-to-one counseling sessions for the resources, options, strategies and guidance needed to help you recover asap.

Be Safe & Be Well

 


Updated as of 3/30/20 @ 8:02am

Covonavirus Small Business Support:

Economic Disaster Relief

 

U.S. Small Business Administration (SBA)

The U.S. Small Business Administration (SBA) has set aside $50 billion in low-interest Economic Injury Disaster Loans (EIDL) for “on-going” small businesses affected by the Coronavirus.  Individual businesses may apply for up to $2 million per loan.

**The EIDL program was made available to New Jersey small businesses on 3/18/2020.

Please Note: The EIDL loans are not for a loss of income but to keep your businesses “afloat’ during this Coronavirus crisis. (i.e.: lease payments, equipment, operating assistance, employee wages, etc.)

The SBA is experiencing high volumes of traffic and the site might be slow.  Please be patient.  Non-peak hours are 7:00PM-7:00AM EDT.

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More Info on the SBA’s Economic Injury Disaster Loans (EIDL):

March 18 20-286 New Jersey 16349 SBA Working Capital Loans Available Due to Coronavirus

March 18 20-287 SP New Jersey 16349 SBA Working Capital Loans Available Due to Coronavirus

News Release SBA Steps in to Provide Disaster Assistance Loans to Small.._

NJDO Disaster Loan (EIDL) Application Instructions.

SBA-EIDL Application:

**NOTE:  Due to volume, the EIDL  site had to revert to paper applications.  Though the applications may be uploaded and submitted, it may take additional time to process.  We will notify you on this page when this information changes.  (3/27/20 @ 10:03am)

https://disasterloan.sba.gov/ela/Account/Login?ReturnUrl=%2Fela%2FLoanApplication%2FStartApplication

**NOTE:  When completing the application, make sure you enter your type of business AND click on  EIDL and only EIDL under type of assistance you’re seeking. THIS IS THE MAIN REASON BUSINESSES ARE GETTING DECLINED.   Also, remember this is a loan.  Credit scores, ratings and payment histories will be referenced.  Financial issues prior to the COVID-19 pandemic/ impact will be reflected in the approval/ denial of this loan.

SBA-EIDL Help-Desk:

1-800-659-2955

More from the Small Business Administration (SBA)

https://disasterloan.sba.gov/ela/

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

https://www.sba.gov/disaster-assistance/coronavirus-covid-19#section-header-1

https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

https://disasterloan.sba.gov/ela/Documents/SBA-Disaster-Assistance-Loans-Businesses-Nonprofits.pdf

SBA COVID-19 Small Business Guidance and Loan Resources

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

SBA Small Business Loan Presentation:  3-29-2020 Disaster Webinar Follow Up 3-25-2020

INCOME TAX PAYMENT DEFERRALS:

Treasury Secretary Mnuchin said that both individuals and corporations could defer income tax payments for 90 days.  For more information, go to https://www.irs.gov/coronavirus.

 

FACEBOOK GRANTS: 

Facebook has announced they will be providing $100 million in cash grants or advertising to small businesses. For more information, go to www.facebook.com/grantsforbusiness.

KIVA LOANS:

The nonprofit organization Kiva provides 0% interest loans to small businesses worldwide. Kiva is expanding eligibility and the number of loans provided during this crisis. For more information, go to https://www.kiva.org/blog/support-local-businesses-during-the-coronavirus-pandemic.

LENDER & CORPORATE SMALL BUSINESS ASSISTANCE PROGRAMS:

Source: Forbes

Many banks have offered deferment and forbearance to business loan customers having trouble making payments. Check Forbes’ list of banks offering relief. You can also search for your bank on the American Bankers Association’s ongoing A-Z list of coronavirus response programs.  Read Original Article

WEFUNDER CORONAVIRUS CRISIS LOAN:

Wefunder has funded ~$130M in hundreds of small businesses from over 400,000 investors. If your business has customers who care, we can help. Or, if there’s a small business you care about, nominate them for funding.  To learn more, go to:

https://wefunder.com/loans

GOOGLE COVID-19 SMALL BUSINESS SUPPORT

Google has designated over $800 million to help address some of the COVID-19 challenges to support small- and medium-sized businesses (SMBs), health organizations and governments, and health workers on the frontline of this global pandemic. For more information go to:

https://blog.google/inside-google/company-announcements/commitment-support-small-businesses-and-crisis-response-covid-19

PROVIDENT BANK 501(C)3 NON PROFIT SUPPORT

SOURCE: NJ Biz, Jessica Perry

Provident Bank Foundation committed $125,000 toward grants for 501(c)(3) organizations. Groups can submit applications beginning March 30, and may request up to $5,000.  To learn more, go to:

https://njbiz.com/provident-bank-foundation-offers-125k-covid-19-impacted-nonprofits/


Return to Main Coronavirus page

 


 

If you have additional questions, please contact your regional NJSBDC or visit our website at www.njsbdc.com .

 

Thank you, be well and be safe.

starting Your Business

If you are planning on starting a small business, NJSBDC, with the help of the Small Business Administration (SBA), is here to make your small business dreams a reality. Become a client and see how.

Expanding Your Business

If you are an existing business with annual revenue of up to $1 million or have more than $1 million in revenue and/or 10 or more employees, NJSBDC can help you expand your market share as a company and grow your vision into a successful company. Become a client and see how.

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  • NETWORK PARTNERS & SPONSORS

    Annual Key Sponsors

    Financial Supporter

    Major funding partners

    The New Jersey Sustainable Business program is funded by the USEPA, and is part of an EPA Region 2 Toxic Reductions initiative that also includes projects being conducted by the New York State Department of Environmental Conservation (NYSDEC), and New Jersey Institute of Technology (NJIT).

    Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All services extended to the public on a non-discriminatory basis.