Business News and Notices:
US SBA Approves New Jersey for Disaster Loans

Attention Business Owners:

  • The US Small Business Administration (US SBA) has approved New Jersey for SBA lending programs for the current Coronavirus crisis and will be opening up their website for new applications. Please visit SBA.gov/disaster for more information and to apply online.
  • The US SBA Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% 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 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov

Additional funding for business has been approved by our US Congress. Once we learn about the programs we will fill you in. New federal legislation and appropriations has opened up the possibility for small businesses to receive assistance for economic loss due to COVID-19. Details of eligibility and administration of this assistance from SBA are still being addressed by the US SBA.

Links to Visit

SBA Disaster Assistance in Response to the Coronavirus: https://www.sba.gov/disaster-assistance/coronavirus-covid-19

About Disaster Loans: https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

SBA Disaster Assistance Loans: https://disasterloan.sba.gov/ela/Documents/SBA-Disaster-Assistance-Loans-Businesses-Nonprofits.pdf

Additional Filing Requirements: https://www.sba.gov/sites/default/files/files/serv_da_all_loanapp_5_0_4.pdf

Recent Information on Private Sector Programs to Assist Companies

JPMorgan Chase Makes $50 Million Philanthropic Investment to Help Address Immediate and Long-Term Impacts of COVID-19 https://www.jpmorganchase.com/corporate/news/pr/jpmc-makes-50mm-philanthropic-investment-to-address-impacts-of-covid-19.htm?_lrsc=6be0d6ff-beb2-4ec2-8a8d-d6e91dc8b469&source=linkedinelevate

Bank support for the business community: https://www.forbes.com/sites/advisor/2020/03/12/list-of-banks-offering-relief-to-customers-affected-by-coronavirus/#1139a1353ee3




Tammie A. Horsfield, President
Sussex County Chamber of Commerce
Sussex County Economic Development Partnership, Inc.
Sussex County DMO
120 Hampton House Road, Newton, N.J. 07860
973-579-1811
thorsfield@sussexcountychamber.org
www.sussexcountychamber.org