Coronavirus Small Business Support | Economic Disaster Relief
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.
Some users are experiencing issues using Google Chrome. Please use an alternate browser – like Edge or Internet Explorer.
The recommended browser is Internet Explorer 10 or later.
- If you have dial-up Internet service, you may experience delays.
- You should allow pop-up messages.
- You must have Adobe Reader installed.
More Info on the SBA’s Economic Injury Disaster Loans (EIDL):
**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)
More from the Small Business Administration (SBA)
SBA COVID-19 Small Business Guidance and Loan Resources
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 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.
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:
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:
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:
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:
Return to Main Coronavirus page
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.