March 27, 2020

NJGCA March 27th
Coronavirus Shutdown Update

The Economic Development Authority of New Jersey announced $40 million in grants and loans for small businesses affected by the Coronavirus.

You can read their announcement press release here: https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-Announces-New-Initiatives-to-Support-Busines

Applications for these programs are “anticipated to be opened on the week of March 30th,” which could be as soon as this Monday. They will be reviewed on a first come first served basis, and are likely to sell out very quick, so decide in advance whether or not you want to apply for one, and for which one. There are seven different programs with different conditions attached for different types of businesses.

The details on these programs as well as a variety of other info can be found at: https://cv.business.nj.gov/

These are the programs that are likely most relevant to NJGCA members:

The Small Business Emergency Assistance Grant Program:
https://faq.business.nj.gov/en/articles/3835237

The Small Business Emergency Assistance Loan Program:
https://faq.business.nj.gov/en/articles/3835238-what-loans-are-available-to-small-businesses-via-the-njeda-small-business-emergency-assistance-loan

The Small Business Emergency Assistance Guarantee Program:
https://faq.business.nj.gov/en/articles/3835236-how-is-the-state-backing-small-business-loans-via-the-njeda-small-business-emergency-assistance-guarantee-program

The Emergency Technical Assistance Program, which will assist businesses in applying for federal or State programs:
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

Take some time this weekend to read over these different program options and think about if you want to apply for any of them.

We are in the process of putting together a survey to try to determine the effects of this shutdown on our members and how we can be most helpful during these uncertain times. Look for an email coming soon with a survey to complete that will help us in our efforts in helping you with the Coronavirus. This survey should take no more than five minutes of your time and will provide us with valuable information.