Federal PPP Webinar With NJ SBA
Senator Menendez's office is hosting a Webinar event with the NJ Small Business Administration (SBA) to provide information and answer questions on the new Paycheck Protection Program funding that is available to small business owners all over the county. This funding will expire March 31st, so it is important you apply beforehand.
The Webinar will be next Wednesday, February 17th at 10AM. It should last about an hour, but feel free to come and go as you need.
This Webinar will cover important information such as who can apply for this round of PPP, how to apply, and when you can expect this funding for your small business. In addition, you will be able to ask questions of a representative of the NJ SBA. Register for the zoom at the following link: https://us02web.zoom.us/webinar/register/WN_W4C82vpQQeWetT-rp1SnGw
SBA Extends Application Deadline for COVID-19 Economic Injury Disaster Loan Program
This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.
To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.
Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.
CDFI Emergency Assistant Grant Program
The Community Development Financial Institution (CDFI) Emergency Assistance Grant Program is a pilot program to make grants to CDFIs to support them to scale up assistance to micro and small businesses negatively impacted by the COVID-19/novel coronavirus (“COVID-19”) outbreak. The program will provide much needed flexible support that either could offset incremental operating costs due to a surge in COVID-19 related lending or to enhance the CDFI’s loan offerings by buying down interest rates on COVID-19 business loans.
An Eligible Applicant Must:
- Be an NJ-based Community Development Finance Institution (CDFI) that has been in existence for at least 10 years;
- Demonstrate it is a current CDFI through the documentation provided by the U.S. Department of Treasury;
- Complete a simplified debarment legal questionnaire;
- Produce a current NJ Tax Clearance Certificate and be verified in good standing with the Department of Labor; and
- Significant experience working in communities and business segments underserved by the banking sector and other financial institutions;
- Quality of a plan that outlines the intended uses of the grant funding that include offsetting an increase in operating expenses associated with the COVID-19 emergency or buying down the cost of funding to allow lower-cost loans for COVID-19 emergency loan programs;
Finally, any CDFI that participates in this program is not eligible to participate in the Small Business Emergency Assistance Loan Program.
For More Information: https://www.njeda.com/Press-Room/News-Articles/News-Articles/NOFA-CDFI-Grant
To Apply: https://application.njeda.com/
Emergency Technical Assistance Program
The New Jersey Economic Development Authority (NJEDA) is partnering with four organizations to offer support services to businesses seeking federal financial assistance through the Small Business Administration (SBA) programs. These organizations will help small business owners file their applications through the SBA to receive working capital loans to help them survive this crisis.
The following organizations have been selected to provide application assistance to businesses:
African American Chamber of Commerce of New Jersey (AACCNJ).
- Contact Loan Administrator Dina Gonzalez at 609-524-0530 or email@example.com,
- Sr. Loan Administrator Phil Woolfolk at 609-610-6310 or firstname.lastname@example.org.
New Jersey State Veterans Chamber of Commerce.
- Contact Founder & CEO Jeff Cantor at email@example.com.
Rising Tide Capital.
- Contact Director of Program Cervantes at 201-432-4316 or DisasterRelief@risingtidecapital.org.
Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ).
- Contact Event & Entrepreneur Training Program Support lead Maria Diaz at 201-935-0035 or firstname.lastname@example.org.
This assistance includes, but is not limited to, preparing financial information, packaging application documentation, and completing and submitting the online or paper-based application. Compensation for these organizations will be based on completed and submitted SBA applications. The assistance may be conducted in person or electronically.
NJEDA Entrepreneur Support Program
The NJ Entrepreneur Support Program is a $5 million program that encourages investment by encouraging private sector investors to provide additional working capital loans to NJ-based entrepreneurial businesses in which the investor is already an equity holder. The program provides a guarantee of an investor loan advanced for working capital to an entrepreneurial company that has been impacted by COVID-19. The investor must have supported the company in the form of a convertible note, SAFE (simple agreement for equity), or equity investment as of March 9th, 2020 (or prior). The funding for the guarantee must have been made after the date of emergency (March 26, 2020, as per the Governor’s Executive Order 103). This program guarantee will be retroactive to that investment date.
The Entrepreneurial Business Requirements
- Has a minimum of 50% of employees in NJ (as of 12/31/2019)
- Has fewer than 25 total employees at the time of application and as of 12/31/2019
- Has under $5 million in trailing twelve-month revenues
- Has its corporate headquarters in New Jersey (including at least one C suite member with a principal office in New Jersey)
- Falls under one of the eight sectors outlined in Governor Murphy’s economic plan (advanced manufacturing, information/technology, life sciences, finance and insurance, clean energy, food and beverage, advanced transportation, film, and digital media)
- Is registered to do business in NJ and can certify that the company is in good tax standing with the State
- Is in good standing with the Department of Labor and Workforce Development
If you do not meet all the eligibility requirements outlined above, do not proceed with the following application for the Entrepreneur Guarantee Program
APPLY HERE: https://application.njeda.com/NJESP_Login.aspx
- Has a minimum of 50% of employees in NJ (as of 12/31/2019)