Covid-19 Updates

#Familia, below you will find resources, presentations, interviews, and links related Covid-19 and the SHCCNJ efforts to help the small business community.

Guias para Reapertura de Negocios

SBA Prestamos ante Efectos del Desastre Causados por el Coronavirus

NJEDA COVID-19 Economic Response Package

Stages to Reopening the State of New Jersey / Etapas para Reabrir el Estado de Nueva Jersey

COVID-19 or other health questions? Talk to a nurse or doctor

Small Business Development Center – NJ

State of New Jersey Information Hub / Centro De Información del Estado de Nueva Jersey

Federal Reserve Bank of NY Community Resources on Coronavirus

SHCCNJ Virtual Q&A Town Hall Meetings Material below:

Town Hall #1: COVID-19 and Protecting Your Company in Chaotic Times

Town Hall #2: NJEDA Economic Relief Package

Town Hall #3: Senator Menendez and Senator Booker

Town Hall #4: Payroll Protection Act under the CARES Act

Click here for Zoom Meeting Facebook Live

How to Sell and Market Your Restaurant During the Quarantine

ADP COVID-19 Support

The Paycheck Protection Program (PPP) went into effect under the CARES Act on April 3, providing relief for small businesses impacted by COVID-19. To learn more about the program and get detailed instructions on how to apply, visit our dedicated PPP page here: ADP.com/PPP

ADP wants all members to learn about the PPP, how to complete your borrower application, and ADP’s PPP reports that can help you determine your eligibility and maximum loan amount.

This can become even more daunting to you as you try to understand all the complexities while keeping your operations afloat, which is why ADP is offering the first month of our services completely FREE. Contact Mario Cruz for more information ([email protected] , 862-222-2729).

U.S. Senate Passes $2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act$377 Billion Small Business Rescue Plan

SHCCNJ | TV Interviews:

Luis De La Hoz, SHCCNJ Chairman

Click here for Univision Interview

Carlos Medina, SHCCNJ President/CEO

Click here for ABCNY Tiempo Interview (3rd/4th videos)

Invest Newark Resources

For important federal, state, and local information and resources available to small businesses affected by COVID-19, please visit Invest Newark’s COVID-19 Resource Page at https://investnewark.org/covid-19/. Visit this page frequently for updates.

During the webinar, Invest Newark’s, President & CEO, Bernel Hall, announced that Invest Newark will be launching a business contract portal and a business directory to connect Newark small business community to contract opportunities. Our goal at Invest Newark is to provide you with the resources necessary for your business to thrive. We invite you to register your business on our directory by clicking here. If you need assistance to register, please take a look at our step by step business directory video by clicking here.

For any other concern or question, please reach out to us by sending an email to [email protected]. We will do our best to respond as quickly as we can.

NJEDA – New Initiatives to Support Businesses Impacted by COVID-19

The suite of new initiatives includes:

Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.

Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.

Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak.

CDFI Emergency Assistance Grant Program – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.

NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.   

Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.

Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.

Additional details on the NJEDA’s new programs, including complete eligibility requirements are available here: https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.