Register to our MINDSHARE MONDAY webinar series. NJSBDC at NJCU Business Consultants and expert guest speakers will speak on a wide range of topics related to small business, entrepreneurship, and more. Each week is a new focus. Make sure to stay tuned!
April 3, 2020 at 2:30 PM
THE FIRST SBA LOAN APPLICATION SUBMITTED IN NEW JERSEY
Our very own Ryan Silvestre, NJSBDC Senior Business Consultant, interviews long-time client Khoa Le , owner of K Vibe TV, to explain the in’s and out’s of the SBA Loan application process.
Keep in mind that he applied when the first version of the SBA Disaster Assitance Program rolled out almost 2 weeks ago now, the process is very different today.
April 2, 2020 at 4:00 PM
HOW TO PREPARE FOR SBA’S PAYMENT PROTECTION PROGRAM TOMORROW
- Businesses and entities must have been in operation on February 15, 2020.
- Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
- Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals.
- Any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72, for which the affiliation rules are waived.
- Affiliation rules are also waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Administration, and company that receives funding through a Small Business Investment Company.
- Today, Get familar with the entire process to apply and also get forgiveness here.
- Use this sample application to get the appropriate documents ready.
- Contact your local lender that is an authorized SBA 7(a) lender and ask if they are participating in the PPP program, here’s a list of the top 100 of 2019.
- Apply with your chosen lender, tomorrow morning!
April 2, 2020 at 11:40 PM
HOW TO PREPARE FOR NJEDA’S SMALL BUSINESS EMERGENCY ASSISTANCE GRANT PROGRAM TOMORROW
NJEDA is launching their Small Business Emergency Assistance Grant Program tomorrow, April 3, 2020 at 9:00 am. A link to the grant program application will be posted on the State’s COVID-19 Business Information Hub.
- Industries, as determined by NAICS code:
- Accommodation & Food Service
- Arts, Entertainment, & Recreation, Repair & Maintenance; Personal & Laundry Services
- (Eligible NAICS codes that start with 44, 45, 71, 72, 811, 812)
- Non-profit entities in the above industries are permitted to
receive grant funding if they also have the following
designations: 501(c)(3), 501(c)(4), and 501(c)(7)
- Must certify to negative impact of emergency
- Physical commercial location in NJ
- Must be registered to do business in New Jersey
- Department of Labor good standing
- 1-10 Full Time Employee’s (FTE) per Company’s 2019 4th Quarter NJ-WR30 filing with the Department of Labor; visit NJEDA’s grant award estimator to help determine your FTE
- Must fill out and certify simplified debarment legal questionnaire
Below are simple steps to be prepared and submit your application early:
- Review this slideshow presentation that walks through the application process (provided by NJEDA)
- Get the appropriate information together (e.g. EIN Number & NAICS Code)
- Refresh this link at 9am sharp tomorrow and look for a link to the grant application.
Note: Although the application window is until April 10, thousands of applications will be submitted on this website page and it can crash.We recommend you submit as fast as you can.
April 1, 2020 at 12:20 PM
NJEDA LAUNCH DATE FOR GRANTS FOR BUSINESSES IMPACTED BY COVID-19 IS THIS FRIDAY, APRIL 3 at 9:00AM
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Grant Program on Friday, April 3, 2020 at 9:00 am. A link to the grant program application will be 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.
VIEW ALL NJEDA PROGRAMS AVAILABLE FOR SMALL BUSINESS IMPACTED BY COVID-19
NJEDA has created many programs for businesses that have been affected by COVID-19. This powerpoint presentation explains the details of each.
NJEDA ANNOUCES AGENCIES SELECTED TO OFFER TECHNICAL ASSISTANCE TO COVID-19 IMPACTED SMALL BUSINESSES
TRENTON, N.J. (March 30, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it is partnering with four organizations to offer support services to businesses seeking federal financial assistance through Small Business Administration (SBA) programs. This technical assistance is the latest in a series of steps New Jersey is taking to help small businesses impacted by the COVID-19 outbreak.
These organizations will help small business owners file their applications through the SBA to receive working capital loans to help them survive this crisis. Additional information about SBA program is available online at http://disasterloan.sba.gov/. Read More Here
March 27, 2020 at 3:40 PM
ARE YOU ELIGIBLE FOR ANY NJ GRANTS, LOANS, PROGRAMS?
The NJEDA calls it the Emergency Assistance Eligibility Wizard. The COVID-19 outbreak is causing extraordinary disruption for companies and non-profits across the Garden State. The NJEDA wants to make it easy for organizations to understand what support programs are available to you to help stabilize your operations and get back on a pathway to growth.
This is a beta version of the Eligibility Wizard that focuses on newly announced State Emergency Assistance programs and the SBA disaster loan program. NJEDA will be updating it regularly as new federal, state, local, and philanthropic programs become available.
March 27, 2020 at 11:00 AM
SBA’S NEW LOAN PROCESS
The SBA has changed their Disaster Loan Assitance application process again. Here are the details:
SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.
The Applicant understands that the SBA is relying upon the self-certifications contained in this application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.
The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts. You are not required to respond to this collection of information unless it displays a currently valid OMB approval number.
March 26, 2020 at 3:18 PM
NJEDA CREATES THE SMALL BUSINESS EMERGENCY ASSISTANCE GRANT PROGRAM
In response to the economic challenges being faced by New Jersey Small and Medium sized businesses and non-profits (collectively “SMEs”), the New Jersey Economic Development Authority (NJEDA) has created the Small Business Emergency Assistance Grant Program.
The grant program will provide funding as efficiently and quickly as possible to SMEs that are in need. The focus of this round of funding is on the smallest enterprises in industries that are among the most adversely impacted by the COVID-19 containment measures.
The goal of the grants is to try to preserve the ability for SMEs to support and maintain a workforce during this containment period that is as close to pre-outbreak levels as possible.
The Small Business Emergency Assistance Grant Program will provide up to $5,000 to NJ-based SMEs that have between 1–10 full time equivalent employees (“FTE”). The grant funding is targeted as unrestricted payroll and working capital support, and cannot be used for any capital expenses, including construction.
Applications are anticipated to be opened on the week of March 30th. Completed applications will be considered on a first come, first serve rolling basis.
March 26, 2020 at 2:00 PM
March 26, 2020 at 12:50 PM
FEMA IS OFFERING GRANTS
FEMA has released a press release that they are simpifying the process to apply for a grant and get funding. Click here for more information.
In summary from Fema.gov
FEMA is simplifying the Public Assistance application process. FEMA is developing a simplified online form applicants can complete, and on which they may explain work activities, answer basic questions, provide limited supporting documentation, and provide a cost estimate. FEMA and the recipient will review this information, follow up with limited requests for additional information if necessary, and award assistance. Recipients will have access to all projects in PA Grants Portal, consistent with the traditional PA process.
For no-cost assistance with the application process:
March 26, 2020 at 12:40 PM
NEW JERSEY WEBSITE FOR STATEWIDE JOB OPENINGS
We urge small business owners to continue ethical business practices and apply PTO and Sick Time whenever possible for their employees but when times get rough we understand sometimes you have to make tough decisions. Let’s work together to soften the blow and tell your employees about this nj.gov jobs portal that lists statewide job openings.
In summary from nj.gov
The State of New Jersey has developed a centralized resource to match talent with opportunities in industries on the front lines of serving New Jerseyans during the outbreak. Did you lose your job or have your hours reduced as a result of COVID-19? Businesses across New Jersey need thousands of workers for immediate hire. Learn more about who is hiring in your community here.
Employers in critical industries should submit information about openings with urgent hiring needs related to COVID19 at jobs.covid19.nj.gov/intake.
March 26, 2020 at 11:00 AM
Economic Injury Disaster Loan Assistance
Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long term low-interest loan due to Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
If you are applying for disaster assistance for another declaration, then please see the home owner’s and renter’s form here.
Instructions to Apply
- Download forms below
- Fill in your information
- Upload forms on this page
- If you choose to mail, then please see Mailing Instructions below
Download Business Forms
- Business Loan Application (Form 5) (en Español)
- Home or Sole Proprietor Loan Application (SBA Form 5C) (en Español)
- Economic Injury Disaster Loan Supporting Information (Form P-019)
A Disaster Assistance loan officer may request you to fill out the following additional forms:
- Fee Disclosure Form and Compensation Agreement (Form 159D)
- Personal Financial Statement (SBA Form 413D)Personal Financial Statement (SBA Form 413D) (en Español)
- Request for Transcript of Tax Return (IRS Form 4506-T)
- Instructions for Request for Transcript of Tax Return (IRS Form 4506-T)(en Español)
- Schedule of Liabilities (SBA Form 2202)
- Instructions for Schedule of Liabilities (SBA Form 2202)
- Schedule of Liabilities (SBA Form 2202) (en Español)
- PUERTO RICO ONLY: Release of Inheritance and Donation (Modelo SC 2907) (en Español)
- PUERTO RICO ONLY: Hacienda Statement of Authorization
- Additional Filing Requirements (SBA Form 1368)
- Additional Filing Requirements (SBA Form 413D) Spanish
Home Loans or Sole Proprietor Loans
Homeowners and Renters must register with the Federal Emergency Management Agency (FEMA) to obtain a FEMA Registration ID Number by calling 1-800-621-3362. Download corresponding forms below:
- Request for Transcript of Tax Return (IRS Form 4506-T)
- Instructions for Request for Transcript of Tax Return (IRS Form 4506-T)
- Instructions for Request for Transcript of Tax Return (IRS Form 4506-T) (en Español)
- PUERTO RICO ONLY: Release of Inheritance and Donation (Modelo SC 2907) (en Español)
- PUERTO RICO ONLY: Hacienda Statement of Authorization
All required documents listed below under Forms must be returned. All forms requiring signature must be signed and dated. Incomplete applications will not be accepted.U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243 For no-cost assistance with the application process:
March 25, 2020 at 5:08 PM
$2 TRILLION STIMULUS PACKAGE
In summary from Business Insider.com
The Senate and the White House came to a bipartisan agreement on a $2 trillion stimulus package to stabilize the American economy during the coronavirus crisis
The bill would provide $300 billion loans for small businesses and allow for payroll-tax deferment. It also includes direct payments to individuals, a stimulus for the airline industry, and increased unemployment insurance.
Here are the details:
PAY-ROLL TAX RELIEF
Who’s eligible: Businesses that continue to employ workers through the coronavirus crisis.
The stimulus bill would give businesses tax credits and allow them to defer their payroll taxes so they can continue paying employees right now.
Employers, including those that have been ordered to close, would be eligible for a new payroll-tax credit as long as they keep workers employed through the crisis. However, employers that apply for small-business loans would not receive the credit.
SMALL BUSINESS INTERRUPTION LOANS
Who’s eligible: Businesses with 500 or fewer employees that continue to employ and pay workers through the coronavirus crisis.
The government would provide loans to small and midsize businesses to prevent layoffs and to continue paying employees. Individual loans could cover six weeks of payroll, capped at $1,540 per week, per employee, The Washington Post reported last week.
Sen. Pat Toomey told NBC News earlier this week that the funding for businesses would not be grant money but loans they would be responsible for repaying. But Yahoo reported on Wednesday that provisions in the bill would in some cases allow the loans to be forgiven and effectively become grants.
The New York Times reported that “the loans would be available during an emergency period ending June 30.”
How to apply: Applicants must verify the previous six weeks of payroll and later verify that they have paid employees for eight weeks after receiving the loan.
The plan would rely on banks to facilitate the distribution of funding through the Small Business Association, as well as establish a new government lending agency. Additionally, the Federal Reserve has announced plans to create a Main Street Business Lending Program to complement the SBA in lending to small and medium businesses.
For businesses with existing SBA loans, principal and interest would be waived for six months.
The text of the bill is not finalized, but Republican and Democratic leaders expect the Senate to quickly pass the legislation.
March 25, 2020 at 11:20 AM
SBA DISASTER LOAN APPLICATION PORTAL IS UNDERGOING MAINTENENCE, HERE’S WHAT TO DO:
In the meantime, you can fill out the paper form and get these other documents together:
- Disaster Business Loan Application (paper form to mail in)
- Transcript of Tax Return (Form: 4506-T)
- Schedule Of Liabilities
- SBA Additional Filing Requirements (Form: 1368)
- SBA Form 413
For more details on this SBA loan read our blog post “How to get Financial Assistance if you are impacted by COVID-19”
March 23, 2020 at 5:50 PM
HCEDC & UCEDC PARTNERSHIP PROGRAM
In response to the COVID-19 Crisis, UCEDC is offering a low-interest, quick-response, working capital loan program. Small business owners can borrow up to $15,000 at 2% for up to five years with no collateral requirements to meet their COVID-19 crisis needs.
The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital. The program features a quick turn-around (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.
- Business impacted by the COVID-19 pandemic
- Businesses in existence at least two years and with a credit score of 680 and up are eligible to apply for up to $15,000
- Businesses in existence between one and two years, or with a credit score between 650-680 are eligible to apply for up to $10,000
- Profitable prior to the COVID-19 crisis
- No loan or credit card charge –offs within 3 years
- Personal guarantees of all owners with more than 10% ownership interest
- Completed UCEDC Loan Pre-Qualification form for all guarantors
- Copy of driver’s license
- Personal cash flow statement
- Personal financial statement
- 2018 complete business tax returns (2019 if already available)
To apply on your own, fill out their Loan Pre-Qualification Form or speak to one of their loan officers at 908-527-1166.
The NJSBDC at NJCU is supporting businesses amid COVID-19 by providing no-cost business counseling in an effort to guide business owners through the many options they have to keep their business up and growing.
If you need guidance in applying to any grants, loans, or programs for COVID-19 please register with the NJSBDC at NJCU here.
March 21, 2020 at 1:15 PM
GOVERNOR MURPHY’S EXECUTIVE ORDER
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.
Read more here:
March 20, 2020 at 4:25 PM
[IMPORTANT] OUR CENTER IS ASSISTING ALL SMALL BUSINESSES AFFECTED BY COVID-19, LEARN MORE HERE.
We have also published informative blogs for small businesses and individuals, Check them out below:
March 19, 2020 at 1:55 PM
SBA DISASTER ASSISTANCE PROGRAM IS NOW AVAILABLE IN NJ, Apply Here.
Our Regional NJSBDC office will be releasing a webinar in the next 24-48 hours to explain what this program entails and how to apply with step by step video instruction. Link to the webinar will be posted on this page and the Regional NJSBDC office website.
In the meantime, here are a couple documents to help you apply and learn details about the program on your own:
- SBA’s Step by Step Application Instructions via Powerpoint Presentation
- SBA’s Fact Sheet on Economic Injury Disaster Loans
- PRESS RELEASE: SBA Offers Disaster Assistance to NJ Small Businesses Economically Impacted by the Coronavirus (COVID-19)
- COMUNICADO DE PRENSA: SBA ofrece asistencia por desastre a las pequeñas empresas de NJ económicamente afectadas por el coronavirus (COVID-19)
March 17, 2020 at 2:25 PM
Here we have compiled a list of all the links you need to follow updates related to the Coronavirus (COVID-19) in Hudson County and in your specific town. We recommend visiting your county & town’s Facebook, Instagram, or Twitter for LIVE updates.
- North Bergen
- East Newark
- Jersey City
- Union City
- West New York
HUDSON COUNTY NEWS SOURCES:
March 17, 2020 at 2:14 PM
THE SBA DISASTER ASSISTANCE LOAN
The U.S. Small Business Administration (SBA) is working directly with NJ Governor Phil Murphy to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster .
- Contact your local SBA office:
New Jersey District Office
Two Gateway Center Suite 1002
- Federal Help Desk can be contacted at:
1 (800) 659-2955
- The application link is below: (hyperlink might not work – just cut and paste into your browser) https://disasterloan.sba.gov/ela/Account/Login?ReturnUrl=%2Fela%2FLoanApplication%2FStartApplication
WHAT OUR OFFICE IS DOING
When the disaster assistance loan program becomes available in New Jersey, our office will provide you with support and guidance to apply for the loans.
Please note that these loans are not for a loss of income but to keep your businesses “afloat” during this crisis (i.e. lease payments, equipment, operating assistance, employee wages, etc.) In addition, our office does not grant or approve loans. We can only help you prepare for them.
March 16, 2020 at 9:00 AM
OFFICE HOURS AND HOW TO CONTACT US
Due to health and safety concerns regarding the Coronavirus, the NJSBDC network will continue to provide services remotely until further notice. This includes all in-person small business counseling and training, as well as administrative functions and support.
However, we are making every effort to respond to all messages as quickly as possible.
Please contact us via email at email@example.com and remember to provide your:
- Company or Organization’s name
- Telephone number
And we’ll respond to your message at our earliest convenience.
Thank you, be safe and be well.
March 14, 2020 at 1:00 PM
State of New Jersey:
The State of New Jersey has established a special website devoted to business concerns during the Coronavirus emergency. The site, cv.business.nj.gov, will be updated as new information becomes available. We encourage you to communicate this with the appropriate individuals within your organization.
New Jersey Business Action Center (BAC):
In addition, the New Jersey Business Action Center’s Helpline is now available from 8:00 am – 9:00 pm, seven days a week. Call 1-800-JERSEY-7 to address any concerns you or your employees have.
More information in the links below:
- New Jersey Department of Health
- New Jersey Department of Labor
- Employee Scenarios & Benefits Available
- New Jersey Economic Development Authority (NJEDA)
- NJ Department of Labor Information For Employees regarding Sick Leave
March 13, 2020 at 3:22 PM
WHAT THE NJSBDC AT NJCU IS DOING AMID COVID-19
Here at NJSBDC at NJCU, we are closely following the COVID-19 crisis, regionally and globally. Along with massive disruptions in our daily lives, this outbreak is affecting our economy in many ways, from stock market hits to travel restrictions and meeting cancellations. Policymakers are doing their best to support small businesses at this critical point. As always, our Center is committed and ready to assist small businesses as the situation unfolds every day.
OUR COMMITMENT TO OUR CLIENTS
To avoid potential infection, people are (understandably) choosing to stay home. Businesses and educational institutions are doing their best to provide resources for concerned parties and managing remote teams. We want our attendees and clients to learn and network in a safe environment, without compromising anyone’s health.
With that in mind, we have decided to hold our upcoming in-person workshops and meetings online. Business must continue and thus, we encourage everyone to register for our webinars and learn from the comfort of your home/business. In addition, all client consultations will be conducted via phone and video-conference only until further notice. Our wait time is 3-5 business days.
COVID-19 HEALTH & SAFETY INFORMATION
Guidance from the CDC:
NJ Department of Health:
- CDC – Guidance for businesses and employers
- CDC – Printable flyers and fact sheets in English and Spanish
- NJ Department of Health
- ServSafe guidance for restaurants
- Five tips for managing a remote team
- Creating a Business Response Plan to COVID-19
- SBA Website in Spanish
- Questions about employee sick time laws? Visit the Department of Labor and Workforce Development
- U.S. Chamber of Commerce COVID-19 Small Business Guide
- Coronavirus (COVID-19) Main Street Resources
As circumstances evolve, we will do our best to keep you informed.
As always, NJSBDC at NJCU is here for you and your business. If you have any questions and/or concerns, we recommend that you please reach out to us via email, firstname.lastname@example.org, as physical access to our Center may be restricted.
Thank you for your patience and understanding.