Your resource for current news, policies and updates to stay informed during the global pandemic.

http://cv.business.nj.gov/

Paycheck Protection Program Loans Still Available

Forgivable loans under the second wave of the Paycheck Protection Program (PPP) are still available through the Small Business Administration (SBA). So far, about $17 billion in PPP loans have been approved for nearly 111,000 New Jersey small businesses, allowing them to maintain their employees and re-hire initially laid off individuals. Business owners are encouraged to find approved lenders and apply to mitigate the effects of the Coronavirus and its economic implications.

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Support for Microbusinesses and Nonprofits

The New Jersey Economic Development Authority has partnered with Community Development Financial Institutions (CDFIs) across the state to leverage financing for small businesses and nonprofits facing financial hardship from COVID-19. The new CDFI Emergency Loan Reserve Fund and the CDFI Emergency Assistance Grant Program will provide between $20 million to $30 million to impacted businesses. The Garden State Relief Fund is working to provide quick and inclusive loans to vulnerable businesses and communities with special opportunity for select areas. Businesses in need of capital are urged to seek eligibility and apply.

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New Credits Available: A Message From The IRS

Tax credits are available to business owners and employers affected by the COVID-19 financial crisis. The employee retention credit is available to employers with gross receipts below 50% of the comparable quarter in 2019 to aid in keeping employees on their payroll. The paid sick leave credit is available to businesses with employees who may be unable to work due to the coronavirus, self-quarantine measures, or while seeking medical attention and testing. Employers can also receive similar credits for employees who are unable to work while caring for an ill family member or tending to children due to school and daycare closures.

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Additional State Resource for COVID-19 Questions

The state's business-specific resources related to COVID-19 are available in the link at the top of this newsletter, but for additional resources impacting a wider range of issues, you can also visit New Jersey's Information Hub. News pertaining to schools, healthcare professionals, testing information and other topics of relevance to the general public are updated regularly.

Find More Here