Financial Business Support
Small Business Administration (SBA)
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan up to $2 million. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). These loans may be used to meet financial obligations and operating expenses that could have been met had the disaster not occurred (working capital and normal operating expenses). The interest rate is 3.75% APR (fixed) for small businesses. The interest rate for non-profits is 2.75%.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 or visit the Office of Disaster Assistance website for more information.
SBA Paycheck Protection Program (PPP) First Draw and Second Draw
The PPP provided $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million, in the form of a First Draw loan, can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. As part of the Consolidated Appropriations Act, 2021, PPP has been provided with an additional $284 billion of loan funds to support small businesses and other eligible entities impacted by the COVID-19 pandemic under the Second Draw program:
- PPP loans applications will be accepted until March 31, 2021, or earlier if funding is exhausted
- Up to 24 weeks of eligible expenses may be forgiven
- Loan repayments will be deferred until eligible expenses are approved (up to 10 months deferral)
- Second Draw borrowers must have taken a First Draw loan, and have spent or will spend the funds before disbursement of their Second Draw loan
- Borrowers must have a 25% decline in gross receipts, as defined, in any quarter of 2020 compared to the same quarter of 2019. Additional regulations apply.
Click here for more informationon how to apply
New Jersey
The State of New Jersey has established a special website devoted to business concerns during the coronavirus emergency. The site, cv.business.nj.gov, will be updated as new information becomes available, including programs administered by the New Jersey Economic Development Authority (NJEDA), New Jersey Redevelopment Authority (NJRA), the New Jersey Department of Consumer Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and the New Jersey Department of Environmental Protection (NJDEP). To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
New Jersey Business Action Center
Business owners can also call the hotline for the New Jersey Business Action Center at 800-JERSEY-7
New York
New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about COVID-19-related loans, funding and business counseling. See their COVID-19 Loans and Assitance for Small Businesses page for details about the New York Forward Loan Fund, U and the New York Forward Small Business Lease Assistance Partnership.
New York City also has a webpage located here which contains resources and business relief options related to COVID-19.
We hope this section of our website is especially useful for you. Whether you attended one of our recent webinars and want to review the information at your leisure, or you missed the webinar, they will be archived here for your convenience.
Communication is key during a time of crisis. Therefore it is important for us to continue providing our clients with up-to-the-minute information, ideas, and resources that they can draw on to weather this storm.
As the situation around the coronavirus outbreak continues to escalate, we have had several questions posed to us. Each day we will select one or two of the most common queries and share them with you. In addition, you can email us directly at 
NJ COVID-19 hotline 
