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            • SBA announces opening date for Restaurant Revitalization Fund applications

              The SBA announced on Tuesday that it will begin taking registration for the Restaurant Revitalization Fund on Friday, April 30 at 8 a.m. CST and will open applications on Monday, May 3 at 11.a.m. The online application will remain open to any eligible establishment until all funds are exhausted. 

              Interested applicants can find information about the Restaurant Revitalization Fund on the SBA‘s Restaurant Revitalization Fund landing page.

              The Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food and beverage establishments that have experienced economic distress and revenue loss due to the COVID-19 pandemic. The fund will provide businesses with funding equal to their pandemic-related revenue loss up, to $10 million per business and no more than $5 million per physical location.

              The SBA will also host a series of live webinars about the Restaurant Revitalization Fund on Tuesday, April 27 and Wednesday, April 28:

            • NJEDA ANNOUNCES LAUNCH DATES FOR $85 MILLION PHASE 4 OF THE SMALL BUSINESS EMERGENCY ASSISTANCE GRANT PROGRAM

              Attend one of the NJEDA’s Phase 4 Document Preparation Sessions!

              Pre-registration for Phase 4 of the New Jersey Economic Development Authority’s (NJEDA’s) Small Business Emergency Grant Program begins on Monday, April 19, 2021 at 9:00 a.m.

              In order to receive a Phase 4 grant, your business must be properly registered with the State of New Jersey. If you are not sure if your business registration is in good standing, plan to attend one of the NJEDA’s upcoming Phase 4 Document Preparation Sessions.

              Sessions will be held on Friday, April 16th at 3:00 p.m. and Monday, April 19th at 5:00 p.m.

              During these sessions, a speaker from the NJ Department of the Treasury will discuss:

              •  What it means to be properly registered with the State of New Jersey.
              •  How to check if your business is properly registered.
              •  What to do if your business is not properly registered.

              Both sessions can be accessed here. When asked to enter a password, type: GRANT

              More information about Phase 4 of the Small Business Emergency Assistance Grant Program and a link to the pre-registration portal is available at https://business.nj.gov/covid.

            • 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.

              Learn more and apply for an Economic Injury Disaster Loan

            • 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 msdgonzales@icloud.com, 
              • Sr. Loan Administrator Phil Woolfolk at 609-610-6310 or pwoolfolk@mainstreetadvisoryllc.com.

              New Jersey State Veterans Chamber of Commerce. 

              Rising Tide Capital. 

              Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ). 

              • Contact Event & Entrepreneur Training Program Support lead Maria Diaz at 201-935-0035 or mdiaz@shccnj.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.

              For More Information: https://faq.business.nj.gov/en/articles/3835241-can-i-get-help-applying-to-federal-or-state-programs-via-the-njeda-emergency-technical-assistance-program