Business Issues
SobelCo is hosting two upcoming webinars on business issues related to the pandemic. Cyber Security and Fraud Vulnerability During a Pandemic is scheduled for Thursday, May 21, 2020 from 8:30 to 9:30 am and Paycheck Protection Program Forgiveness is scheduled for Thursday, May 28, 2020 from 8:30 to 9:30 am. To register, click here. The company also has a COVID-19 Resource page for businesses.
The Federal Reserve released guidelines for its soon-to-open Main Street Lending Program, which will offer four-year loans starting at $500,000 for small- and medium-sized businesses hit by the coronavirus pandemic. To qualify, a business must have had fewer than 15,000 employees or less than $5 billion in revenue in 2019. Lending institutions are administering the program, and a high percentage of each of the loans will be guaranteed by the Fed. Principal and interest payments will be deferred for one year. For more information, click here. Once the program is opened, businesses need to apply quickly. Review this information before applying.
For businesses and nonprofits trying to navigate the Paycheck Protection Program, here are fact sheets with Frequently Asked Questions from Lowenstein Sandler. Download the PDFs for: Small Businesses and Nonprofits.
For businesses trying to navigate what is available through the federal stimulus package, download this 11-page guide: Small Business Owners Guide to the CARES Act.
You can also check out the Coronavirus Emergency Loans Small Business Guide and Checklist, prepared by the U.S. Chamber of Commerce.
From the National Council of Nonprofits, download this helpful chart outlining the loans available to nonprofits in the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
The New Jersey Business & Industry Association provides a Coronavirus page on its website that contains resources on the state and federal level.
The Small Business Administration has a Coronavirus page on its website. They may be able to offer low-interest federal disaster loans for New Jersey small businesses that have suffered substantial economic injury as a result of the virus. You can apply for a loan from the website as well as find guidance.
Note from the SBA about completing disaster loan applications: If you are having trouble first getting in after you put in business type, make sure you have entered your type of business AND clicked on EIDL and only EIDL under type of assistance seeking.
Also, you may want to read this article from nj.com before applying for a loan.
The Somerset County Business Partnership is serving the business community by offering resources to help your business, particularly during this confusing time. Check out their business resources here.
The New Jersey Economic Development Authority (NJEDA) announced the introduction of new programs to help area businesses. See this press release for information and a complete list of programs. NJEDA will be accepting applications for its Small Business Emergency Assistance Grant Program on Friday, April 3, 2020 at 9 a.m. Check New Jersey’s COVID-19 Business Information Hub for the link to NJEDA’s grant program application. The Somerset County Business Partnership is providing this document to help walk businesses through NJEDA’s application process.
Businesses in Union County may want to check out a webinar hosted by NJEDA on April 7. To register for the FREE webinar, click here.
Here is a small business relief initiative set up by Quickbooks allowing business owners to organize a GoFundMe or a friend of a small business to support a fundraiser. Click here for more details.
New Jersey Community Capital launched the Garden State Relief Fund to meet the immediate needs of small businesses and nonprofits that were critically affected by the COVID-19 pandemic. For more information and eligibility requirements, click here.
UPS and the Small Business Association are offering webinars on how to navigate the Coronavirus for small businesses. To register for their next webinar on Thursday, April 23, click here.