Your resource for current news, policies and helpful updates impacting New Jersey businesses.

Update on Utility Payments During Pandemic 

The State’s public water, gas, and electric utility companies regulated by the Board of Public Utilities (BPU) have all agreed to extend their voluntary moratorium preventing shutoffs to both residential and commercial customers during the COVID-19 pandemic until October 15, 2020. Additionally, the utilities will offer residential and commercial customers a flexible and extended Deferred Payment Agreement (DPA) of at least 12 months and up to 24 months.

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SBA Lowers Interest Rates for 504 Loan Program

The U.S. Small Business Administration announced updated interest rates for its 504 Loan Program offered by Certified Development Companies (CDC), allowing small businesses to apply for the lowest interest rates since July 2018, by offering 20 and 25-year interest rates at 2.214% and 2.269%, respectively. The program is ideal for small businesses looking for additional information on how to expand their business’s real estate or improve their working capital.

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Economic Injury Disaster Loans Are Still Available

While Economic Injury Disaster loans (EIDL) are still available, SBA is no longer giving out EIDL advances. These are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.

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A Guide for Small Business Assistance by NJ Location

Many counties and towns have their own small business grant and financial assistance programs. As an example, the Middlesex County Small Business Grant may be able to help small businesses and nonprofits with no more than 50 employees with grants upwards of $30,000 (pending eligibility). You can find an overview of most programs at the link below. Additionally, if you have any questions about the programs or whether your county or municipality has any, call the local office for economic development to inquire.

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Indoor Dining & Entertainment To Resume Sept. 4th

Beginning at 6 a.m. on Friday, September 4, restaurants may resume indoor dining following required safety policies, including but not limited to: 25% capacity; groups seated, capped at 8 individuals, and at a minimum of 6 feet apart; window and ventilation requirements; and diners required to wear masks when not in their seats, while waiting for food, and after eating. Additionally, movie theaters and all other indoor performance venues will also be able to reopen at 25% capacity, or 150 movie-goers (whichever is less); groups must stay at least 6 feet apart and masks must be worn at all times.

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State Applies for Lost Wages Assistance Funds

The New Jersey Department of Labor and Workforce Development submitted an application to the Federal Emergency Management Agency (FEMA) for Lost Wages Supplemental Assistance (LWA), which provides limited additional benefits to many of the state’s unemployed workers. LWA allows for temporary supplemental financial support to those whose jobs or wages have been adversely affected by COVID-19. LWA provides up to $300 per week to eligible individuals, in addition to the weekly benefit amount they receive from other unemployment compensation programs.

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Looking to Do Business With the State? Start Here.

For companies wishing to contract with the State of New Jersey, below is a useful brochure to guide them through the state contracting process. As an initial step, it is highly encouraged that qualifying vendors register for NJSTART at www.njstart.gov.

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