Just Announced

SBA Assistance

The U.S. Small Business Administration (SBA) has established a Virtual Disaster Loan Outreach Center for homeowners, renters and business owners to provide answers to questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.

Virtual Business Recovery Center & Virtual Disaster Loan Outreach Center

Mondays – Fridays | 9 a.m. – 6 p.m.

FOCWAssistance@sba.gov | (916) 735-1500

SBA News Release

 

Disaster Field Operations Center East

Release Date: Sept. 7, 2021

Contact: Michael Lampton (404) 331-0333 Michael.Lampton@sba.gov

 

SBA Offers Disaster Assistance to Businesses and Residents of New Jersey Affected by Remnants of Hurricane Ida

 

WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration are available to businesses and residents in New Jersey following the announcement of a Presidential disaster declaration due to the remnants of Hurricane Ida on Sept. 1-3, 2021.

“The SBA is strongly committed to providing New Jersey residents with the most effective response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority,” said SBA Administrator Isabella Casillas Guzman.

The disaster declaration covers Bergen, Gloucester, Hunterdon, Middlesex, Passaic, and Somerset counties in New Jersey, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Atlantic, Camden, Cumberland, Essex, Hudson, Mercer, Monmouth, Morris, Salem, Sussex, Union and Warren in New Jersey; New Castle in Delaware; Bronx, New York, Orange, Rockland and Westchester in New York; and Bucks, Delaware and Philadelphia in Pennsylvania.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.

Interest rates are as low as 2.855 percent for businesses, percent for nonprofit organizations and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration # 17143, not for the COVID-19 incident.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is November 4, 2021. The deadline to return economic injury applications is June 6, 2022.

NJEDA Assistance for Businesses Impacted by Hurricane Ida

The New Jersey Economic Development Authority (NJEDA) is creating a $10 million grant program that will provide short-term, immediate rent and mortgage reimbursement support to New Jersey businesses and nonprofits with up to 50 employees that suffered physical damage on September 1 and 2, 2021 as a result of weather caused by Tropical Storm Ida and any additional flooding immediately thereafter.

The proposed program will provide small businesses and non-profit entities with up to 50 employees grants of $1,000 to $5,000 dollars. Landlords and home-based businesses are not eligible. As proposed, grants will be provided in the form of reimbursement of a business’s August rent or mortgage payment.

To be eligible, a business or nonprofit must:

·     Provide certification of an unmet need due to damage and/or business interruption.

·     Provide documentation of physical damage to the applicant’s physical commercial location.

·     Present a valid Employer Identification Number (EIN).

·     Submit recent wage reporting form (WR30), if applicable.

·     Be registered to do business in the State of New Jersey.

·     Be in good standing with the Department of Taxation.

·     Comply with any additional requirements that are announced when the program is finalized.

The parameters of the program announced today are preliminary and are subject to change. The proposed program will be presented to the NJEDA’s Board for consideration of approval at a special meeting on Wednesday, September 8 at 10:00 a.m. If approved, the NJEDA expects to announce full details and the application timeline for the grant program following that meeting.

NJEDA to Host Virtual Small Business Resource Workshops to Showcase Available State & Federal Resources

Workshops will Anchor NJEDA’s Small Business Week Celebration

TRENTON, N.J. (September 8, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it will host a series of three virtual small business resource workshops to present information on available resources to support the growth of the state’s small businesses. The workshops will be held during National Small Business Week (NSBW), which runs from September 13 to 17 and will connect business owners with the people and information they need to start or grow their businesses with building their long-term resilience in mind as we emerge from the COVID-19 pandemic.

The hour-long workshops will offer small businesses, startups, and nonprofits an opportunity to connect with government representatives, small business advocates, and financial lenders and advisors who will offer their expertise on areas of interest that include: financial resources; how to properly register a business in New Jersey; how to certify a business as women-, minority-, or veteran-owned; and ways to access free available technical assistance, federal resources, and mentorship opportunities, among other relevant topics.

“We encourage small business owners to take advantage of the opportunity these free virtual workshops offer to network with other small business entrepreneurs and learn about available resources from small business partners and various government entities,” said NJEDA Chief Executive Officer Tim Sullivan. “In line with Governor Murphy’s commitment to building a stronger, fairer New Jersey economy, these workshops will help small business owners take another step forward on their path to start, grow or maintain their businesses, with the ultimate goal of creating thriving enterprises that will make their communities stronger and more resilient.”

Click the link below to register for the workshop in your region.

·     South Jersey:

·     Tuesday, September 14, 2021, from 12:00 p.m. to 1:00 p.m.

·     Register here: https://us02web.zoom.us/meeting/register/tZ0ucumppzgsG9MMGyt2C53wbgdlW_WYDB0W

·     Central Jersey:

·     Wednesday, September 15, 2021, from 5:00 p.m. to 6:00 p.m.

·     Register here: https://us02web.zoom.us/meeting/register/tZcvfuqtqD0sGNBy0T6eOjpucz65LuVhODzh

·     North Jersey:

·     Friday, September 17, 2021, from 10:00 a.m. to 11:00 a.m.

·     Register here: https://us02web.zoom.us/meeting/register/tZwpcOGvqD4iHdF6FnFiagnWb_0DcjKfL2IS

In addition to NJEDA staff, panelists will include representatives from the US Small Business Administration (SBA), the New Jersey Small Business Development Center (SBDC), SCORE, the New Jersey Business Action Center (BAC), the New Jersey Department of Treasury, the New Jersey Division of Taxation, and local Community Development Financial Institutions (CDFIs).

“Small business ownership can be challenging under the best of circumstances, and these workshops will help to ensure entrepreneurs understand the financial, technical, and educational resources available to them,” said State Treasurer Elizabeth Maher Muoio. “They will also help to raise awareness of recent steps the state has taken to ease some of the hurdles to building a stable and sustainable business, including Treasury’s decision to waive the fee for certification as a Small, Minority, Women, or Veteran-owned Business Enterprise.”

Workshop participants will give a two-minute introduction and then enter a breakout session to further discuss their organization and what they offer. There will be three breakout sessions: one for the SBA, SBDCs, SCORE; one for the BAC, Treasury and Taxation; and one for the CDFIs. Local service providers and lender representatives will also attend each workshop to present information about their technical assistance services and resources.

“The Business Action Center is excited to work with partners across the state to deliver these sessions as businesses regroup from the impact of the pandemic and position themselves more securely to withstand future economic stressors,” said Melanie Willoughby, Executive Director, BAC. “There is an abundance of resources available to New Jersey businesses in all stages and these workshops will help business owners identify potential solutions to their unique challenges.”

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

NJEDA Board Approves Main Street Recovery Program Rules

 

TRENTON, N.J. – The New Jersey Economic Development Authority (NJEDA) Board approved rules for the Main Street Recovery Program. Created under the Economic Recovery Act of 2020 (ERA), the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information is available at https://www.njeda.com/main-street-recovery-fund/.

“Supporting small businesses is the centerpiece of Governor Phil Murphy’s plan for a stronger, fairer recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Program approved today will build on the NJEDA’s successful COVID-19 relief programs to provide new resources tailored specifically to help business owners recover from the impacts of the pandemic and prepare for long-term success.”

The rules approved today create two grant products funded by the Main Street Recovery Program: the Small Business Lease Assistance Grant and the Small Business Improvement Grant.

The Small Business Lease Assistance Grant is a $10 million program that will provide grants to businesses entering new or amended leases with at least five-year terms that include at least 250 square feet of street-level space. This grant funding will offset a portion of annual lease payments for two years.

The Small Business Improvement Grant is a $15 million program that will provide grants up to $50,000 to reimburse businesses for a portion of costs associated with improvements and/or the purchase or installation of furniture, fixtures, and equipment since March 9, 2020.

Applications for these programs are currently under development. The NJEDA will announce the application timeline for both programs soon.

In addition to the Small Business Lease Assistance Grant and the Small Business Improvement Grant, the NJEDA intends to pilot additional products to be funded through the Main Street Recovery Program. The Authority anticipates these pilot programs will include financing to help microbusiness lenders provide more low-cost loans and technical assistance for microbusinesses and an expansion of the NJEDA’s existing Micro Business Loan Program through which the Authority will provide low-cost financing directly to eligible microbusinesses.

In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of all Main Street Recovery Program funds are reserved for businesses located in census tracts that were eligible to be designated as Opportunity Zones. Providing dedicated funding for these census tracts helps to ensure equitable access to resources for communities and businesses that have historically struggled to access resources.

The Main Street Recovery Program is part of a suite of programs created or expanded under the ERA that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.