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Below are summaries of assistance programs for businesses suffering economic hardship from COVID-19. Consult the program websites (or a financial advisor) for specific information and qualifications based on your business.
EligibilityCheck your eligibility for these programs through the Emergency Assistance Eligibility WizardFor Help Navigating State and Federal ProgramsReach out to these groups: Small Business Development Center NJ Monmouth County Division or Women’s Center for Entrepreneurship
Available NJ State Financial Assistance Programs For a list of all COVID-19 business programs, including those listed below: NJ State Financial Assistance Programs
1) *APPLICATIONS ARE CLOSED BUT CORPORATE OR PHILANTHROPIC DONATIONS TO EXPAND THE PROGRAM ARE BEING ACCEPTED* Small Business Emergency Assistance Grant Program (Link) A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.
2) Small Business Emergency Assistance Loan Program (Link) A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.
3) Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund (Link) A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak.
4) CDFI Emergency Assistance Grant Program (Link)A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.5) NJ Entrepreneur Support Program (Link) A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.
6) Small Business Emergency Assistance Guarantee Program (Link) A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
7) Get Help Applying to Federal or State Financial Assistance Programs (Link)The New Jersey Economic Development Authority (NJEDA) is partnering with four organizations to offer support services to businesses seeking federal financial assistance through Small Business Administration (SBA) programs. These organizations will help small business owners file their applications through the SBA to receive working capital loans to help them survive this crisis. The following organizations have been selected to provide application assistance to businesses:
NJ Jobs and Hiring Portal Businesses across New Jersey need thousands of workers for immediate hire: State of New Jersey COVID-19 Jobs and Hiring Portal-
NJ Department of Labor InformationWhat Employers & Businesses & Employees Should Know – For Employers: NJDOL and the Coronavirus (COVID-19); For Employees: NJDOL Benefits and the Coronavirus (COVID-19)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act represents more than $376 billion in relief for small businesses. Programs will be administered through the Small Business Administration.
Available Federal Financial Assistance Programs For a list of all CARES Act established temporary programs to address the COVID-19 outbreak, including those listed below: SBA Coronavirus Relief Program
1) **SMALL BUSINESSES AND SOLE PROPRIETORSHIPS CAN APPLY NOW. STARTING APRIL 10 INDEPENDENT CONTRACTORS AND SELF-EMPLOYED INDIVIDUALS CAN APPLY.**Paycheck Protection Program (PPP) (Link)The program would provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency, with loan forgiveness of up to 8 weeks of payroll based on employee retention and salary levels. |
2) Economic Injury Disaster Advance Loan (Link)In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
The Asbury Park Chamber of Commerce has the most up to date information on businesses currently open in Asbury Park for take-out and/or delivery. To post your business’s information, go tohttp://www.asburyparkchamber.com/business_updates.asp
Follow the Asbury Park Chamber of Commerce on Instagram and Facebook, and sign up for their email newsletter for urgent notices.