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shopkinsMarch 13, 2020

The NJSBDC Network, Coronavirus & Your Business

Coronavirus and Your Business

 

Updated as of 3/30/20 @ 4:50pm

Current Status of the NJSBDC Statewide Network

The NJSBDC network is working remotely to help NJ’s small business owners overcome business issues regarding the Coronavirus (COVID-19) pandemic.  All counseling sessions and training programs are being done using online services to keep everyone healthy and safe.  Large events are being postponed to a later time.

Please contact your regional NJSBDC or visit www.NJSBDC.com to discuss how your regional NJSBDC will be able to continue your one-to-one counseling sessions and updates on upcoming scheduled programs.

Be Safe & Be Well


To better assist NJ’s small business owners and entrepreneurs, we have

prepared the following resources as we know them.   

This webpage is being updated daily.


Immediate Updates regarding America’s Small Business Status:

$2 trillion Coronavirus Economic Relief Bill Signed Into Law

Updated:  3/27/2020 @ 4:43pm

Source:  BusinessInsider

President Trump signed the $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy on Friday. It will inject a flood of cash and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.

Relief set out in the bill includes direct payments of $1,200 to millions of Americans, strengthened unemployment benefits, and hundreds of billions of dollars in loans for struggling businesses.

Small businesses — those with 500 employees or fewer — would receive $367 billion in emergency funding. Firms would be encouraged to maintain payroll, and operating costs could be forgiven if participating companies met specific requirements.

READ MORE:

https://www.businessinsider.com/trump-signs-coronavirus-economic-relief-aid-bill-checks-for-americans-2020-3?utm_source=notification&utm_medium=referral


Immediate Updates regarding New Jersey’s Small Business Status:

New Jersey Economic Development Authority Grant and Loan Programs

Updated:  3/26/2020 @ 12:27pm

Source:  NJEDA

The New Jersey Economic Development Authority (NJEDA) Board today approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

The package of initiatives includes 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. Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.

The suite of new initiatives includes:

Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.

Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.

Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak.

CDFI Emergency Assistance Grant Program – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.

NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.

Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.

Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.

Additional details on the NJEDA’s new programs, including complete eligibility requirements are available here: https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

READ MORE:

https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-Announces-New-Initiatives-to-Support-Busines

 


Immediate Updates regarding New Jersey’s Small Business Status:

New Jersey Child Care Centers

Updated:  3/25/2020

Source:  NJ COVID-19 Information Hub (see original link below)

All child care centers in New Jersey that wish to continue operating must certify that they will solely serve the children of essential workers. The deadline to certify is Friday, March 27.

Beginning Wednesday, April 1, only child care centers that exclusively serve the children of essential workers will be allowed to remain open.

Child care centers that remain open must abide by new health and safety guidelines which will be released by the Department of Children and Families.

Again – if you are a child care center that wishes to remain open beyond April 1, you must certify that you can and will exclusively serve the children of essential workers by Friday, March 27.

If there are gaps in child care availability, the director of the Office of Emergency Management will direct coordination to identify schools that can serve as emergency child care centers for the children of essential workers, up to grade 8.


Immediate Updates regarding New Jersey’s Small Business Status:

Governor Murphy Announces Statewide Stay at Home Order, Closure of All Non-Essential Retail Businesses

Updated:  3/21/2020

Source:  NJ COVID-19 Information Hub (see original link below)

Governor Murphy’s Executive Order 107 further directs the closure of all non-essential retail businesses to the public, with the exceptions of:

• Grocery stores, farmer’s markets and farms that sell directly to customers, and other food stores, including retailers that offer a varied assortment of foods comparable to what exists at a grocery store;
• Pharmacies and medical marijuana dispensaries;
• Medical supply stores;
• Gas stations;
• Convenience stores;
• Ancillary stores within healthcare facilities;
• Hardware and home improvement stores;
• Banks and other financial institutions;
• Laundromats and dry-cleaning services;
• Stores that principally sell supplies for children under five years;
• Pet stores;
• Liquor stores;
• Car dealerships, but only for auto maintenance and repair, and auto mechanics;
• Printing and office supply shops;
• Mail and delivery stores.

Nothing in the Order shall limit 1) the provision of health care or medical services; 2) access to essential services for low-income residents, such as food banks; 3) the operations of the media; 4) law enforcement agencies, or 5) the operations of the federal government.

Compliance with this order is not voluntary.

READ MORE:

https://covid19.nj.gov/faqs/nj-information/general-public/governor-murphy-announces-statewide-stay-at-home-order-closure-of-all-non-essential-retail-businesses

New Jersey COVID-19 Information Hub:

https://covid19.nj.gov/


 

Please click below for additional resources and information:

 

 

 

 

 

 


 

 

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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