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 email@example.com
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