Coronavirus Small Business Survival Guide
The coronavirus is causing financial difficulties for businesses everywhere. Here is a complete listing of all of the coronavirus resources for small businesses. (U.S. Chamber of Commerce)
NJEDA Small Business Assistance Loans
The N.J. Economic Development Authority (NJEDA) offers many different grant programs to businesses. For example, NJEDA offers a Small Business Lease Grant List. To be eligible for this program, you must be a New Jersey business or nonprofit entering into a new or amended lease with a minimum term of five-years. All leases must include street level space. Amended leases or lease extensions must add a minimum of 250 square feet.
Chamber of Commerce COVID-19 Reopening Guide for Small Businesses
Click here to open Chamber of Commerce's COVID-19 Reopening Guide for Small Businesses. It covers topics such as guidelines and laws for small business owners to follow while reopening their business. It includes the relevant restrictions in each state as well as restrictions for each type of business.
Unemployment Info for freelancers, independent contractors and gig workers
Workers eligible for special unemployment compensation known as Pandemic Unemployment Assistance are urged to begin the process. Freelancers, independent contractors and gig workers should apply for unemployment now. Their standard unemployment claim will likely be denied, but being ineligible for regular unemployment is a federal prerequisite to being eligible for the Pandemic Unemployment Assistance. These workers should also gather two years of income records, which will be used to calculate the amount of Pandemic Unemployment Assistance they are entitled to receive.
For the fastest, most efficient service the Labor Department recommends that you file online at myunemployment.nj.gov. Also recommended is that applicants read the department’s FAQs before filing a claim, to help ensure the application is filed correctly, which speeds processing time.
US Chamber of Commerce
Coronavirus - Emergency Loans: Small Business Guide and Checklist
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Every business has different circumstances so please evaluate your business’ needs before making the decision on which program you choose to select. Keep in mind choosing one may preclude you from others. Important to note, there could be some of forms of financial aid that must be paid back, so please check the details. And, certainly confirm your actions with your accountant.
It is the responsibility of your business, and the person within your business applying for the Federal and State programs to follow the guidelines and complete the application on a timely and accurate basis.
U.S. Small Business Administration
U.S. Small Business Administration will now offer low-interest federal disaster loans for working capital up to $2 million to New Jersey small businesses. Applicants may apply online and can download applications using the link below. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email the Small Business Association for more information on SBA disaster assistance.
Economic Injury Disaster Loan Emergency Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
SBA Tax Relief
The CARES Act allows employers and self-employed individuals to defer payment of the employer share (6.2%) of the social security tax they would be responsible for paying in 2020, effective for payments due after 3/27/20.
- 50% of the deferred amounts are due 12/31/21 and 50% are due 12/31/22.
- Receiving an SBA loans does not preclude the use of this deferral unless the SBA loan is subsequently forgiven. (So, if you defer social security payments loans from the SBA will not be able to be forgiven.)
2019 Federal tax filing and final payment is extended from April 15 to July 15