COVID-19 RESOURCES
Updated April 22, 2020:
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The U.S. Chamber of Commerce Save Small Business Fund is a grant making initiative offering short-term relief for small employers in the United States.
It is an effort to provide $5,000 grants to as many small employers as possible.
To qualify for this grant, you must:
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 pandemic
To apply:
A short application is available on this page https://savesmallbusiness.com/ starting on April 20, 2020, at 12:00pm PT / 3:00pm ET. All you will need to apply is your business’s W-9 form.
New Jersey Economic Development Authority
Financing Support for Business in Response to COVID-19
The EDA Board met on March 26, 2020 and approved a package of several programs to assist companies impacted by the COVID-19 health crisis.
For Information on both State of NJ and Federal USSBA Programs visit: https://assistance.business.nj.gov/
A package of new initiatives from the New Jersey Economic Development Authority includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.
Please check the link: http://www.hawthornenj.org/DocumentCenter/View/1536/NJEDALoanPresentation for additional information on each NJEDA program.
HOTLINE for NJEDA Grant Programs: 844-965-1125 ONLY.
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NJEDA Now Accepting Donations to Support Small Businesses Impacted by COVID-19 Content from Bio-NJ
The New Jersey Economic Development Authority (NJEDA) today announced it will be accepting donations from individuals and companies to support the Authority’s Small Business Emergency Assistance Grant Program, which provides grants to New Jersey small businesses impacted by the COVID-19 outbreak. Individuals and companies interested in making a donation should contact donation@njeda.com.
Applications for the NJEDA’s Small Business Emergency Assistance Grant Program launched on April 3, 2020. Within an hour, the program was oversubscribed; within a week, the NJEDA received more than 30,000 applications. To address the massive need for support, the NJEDA has created a process for corporate and philanthropic partners to make donations to expand the Program.
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Small Business Emergency Assistance Grant Program – 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. Learn More: https://faq.business.nj.gov/en/articles/3835237
GRANT APPLICATIONS CLOSED April 10, 2020
Small Business Emergency Assistance Loan Program – 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.
Applications for the Small Business Emergency Assistance Loan Program will be accepted as of April 13, 2020.
Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – 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.
Notice of Funding Availability: Applications for the CDFI Emergency Assistance Grant Program Will Open at 9:00am on Wednesday April 8, 2020 on https://application.njeda.com/.
CDFI Emergency Assistance Grant Program – 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.
List of Community Development Finance Institutions (CDFIs)
The New Jersey Economic Development Authority (NJEDA) announced a partnerships with six Community Development Financial Institutions (CDFIs). These partnerships will leverage New Jersey-based CDFIs to provide between $20 million and $30 million in low-cost financing to small and microbusinesses and nonprofits impacted by the COVID-19 outbreak.
“Microbusinesses, nonprofits, and other small businesses that rely on CDFIs for the capital they need to grow are a vital component of New Jersey’s economy. They have been hit particularly hard by the COVID-19 outbreak,” said NJEDA Chief Executive Officer Tim Sullivan. “These partnerships will allow CDFIs to expand their operations to help more businesses withstand today’s challenges and return to full strength as soon as possible.”
UCEDC: www.ucedc.com 908-527-1166
GNEC – Greater Newark Enterprises Corp.: http://www.gnecorp.org 973-242-4132
RBAC – Regional Business Assistance Corp.: www.rbacloan.com 973-242-4132
NJCLF – New Jersey Community Capital: www.newjerseycommunitycapital.org/ 732-640-2061
CBAC – Cooperative Business Assistance Corp.: www.cbaclenders.com 856-966-8181
PURSUIT--(formally the Excelsior Growth Fund): www.pursuitlending.com 800-923-2504
NJ Entrepreneur Support Program – 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.
Small Business Emergency Assistance Guarantee Program – 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.
Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for State and US Small Business Administration programs. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.
The NJEDA has created a webpage that directs business owners to various resources to assist in coping financially with the COVID-19 public health crisis. This site will be updated with any new programs or support that becomes available.
https://www.njeda.com/about/Public-Information/Coronavirus-Information
NJ EDA Technical Assistance to Companies to Complete Applications:
Rising Tide Capital
384 Martin Luther King Drive, Jersey City, NJ 07305
201-432-4316
African American Chamber of Commerce of NJ
379 West State Street, Trenton, NJ 08618
609-571-1620
NJ State Veterans Chamber of Commerce
65 School Road West, Marlboro, NJ 07746
732-778-7708
Statewide Hispanic Chamber of Commerce of NJ
1280 Wall Street West, Suite 312, Lyndhurst, NJ 07071
201-935-0035
State of New Jersey Website Devoted to COVID-19 Business Concerns
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. We encourage you to communicate this with the appropriate individuals within your organization.
In addition, the New Jersey Business Action Center’s Helpline is now available from 8:00 am – 9:00 pm, seven days a week. Call 1-800- JERSEY-7 to address any concerns you or your employees have.
US Small Business Administration Business Information
The USSBA has approved lending programs for the current crisis and will be opening up their website for new applications! A good source of information:
Small Business Guidance Loan Resources
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
SBA hotline number 800-659-2955.
Applicants may apply online, receive additional disaster assistance information, and download applications at: https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Additional funding for business has been approved by the US Congress. Please note brief summary below:
Paycheck Protection Program
Paycheck Protection Program Applications Open on April 3, 2020
The Treasury has just announced the start date of the Paycheck Protection Program (PPP) that is designed to provide the necessary cash flow to give employers the ability to maintain their payroll during this current crisis.
The interest rate on the PPP is 1%.
Can borrow up to $10,000,000.
Amortization Period: 2 years
Does not need to demonstrate ability to repay or have collateral.
The FAQ for PPP loans was updated - Questions 22-25 are new:
How to find an SBA PPP Lender:
https://www.sba.gov/paycheckprotection/find
When to Apply
· Starting April 3, 2020, small businesses and sole proprietorships can apply.
· Starting April 10, 2020, independent contractors and self-employed individuals can apply.
We encourage you to apply as quickly as you can because there is a funding cap.
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UPDATE ON PPP LOAN APPLICATIONS from the US SBA as of April 13, 2020:
Number of loans submitted nationally: 1,035,086
Dollar Value of loans submitted nationally: $247,543,393,521
Number of Lenders: 4,664
New Jersey
Approved Loans: 17,187
Approved Dollars: $5,897,533,934
PPP funding as of 4/16/2020
33,519 NJ businesses have received $9,527,794,260
This comprises 2% of total businesses receiving PPP funds and 2.7% of net approved dollars
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Additional Resources
· The link below can be used to reference what businesses are ineligible. https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=7ae95095f7555819d3fcebd099b978e9&ty=HTML&h=L&mc=true&r=SUBJGRP&n=sg13.1.120_1105.sg3
· For additional information from the Treasury, including sample applications https://home.treasury.gov/cares
· For more information on the PPP, who can apply and how, visit Sax’s COVID-19 Resource Center https://www.saxllp.com/covid-19-resource-center/
· https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
The Paycheck Protection Program (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp) prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Small businesses employing 500 or less and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
· Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
· Loan payments will be deferred for six months.
· If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
Applications: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Instructions: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf
Economic Injury Disaster Loans and Loan Advance
The SBA is now processing EIDL loans!
Economic Injury Disaster Loan https://covid19relief.sba.gov/#/
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. Applications opened April 13, 2020.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan 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, and this loan advance will not have to be repaid.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans’ organizations affected by COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
The interest rate on the EIDL: For Profits: 3.75% Non-Profits: 2.75%
Can borrow up to $2,000,000.
Amortization Period: 30 years
Does need to demonstrate ability to repay and have collateral.
Personal guarantees required.
Apply through your bank or visit: https://covid19relief.sba.gov/#/
SBA Debt Relief Program
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:
· The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
· The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on
Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms
· Up to $25,000
· Fast turnaround
· Will be repaid in full or in part by proceeds from the EIDL loan
Common Issues Small Businesses May Encounter:
· Capital Access – Incidents can strain a small business's financial capacity to make payroll, maintain inventory and respond to market fluctuations (both sudden drops and surges in demand). Businesses should prepare by exploring and testing their capital access options so they have what they need when they need it. See SBA’s capital access resources.
· Workforce Capacity – Incidents have just as much impact on your workers as they do your clientele. It’s critical to ensure they have the ability to fulfill their duties while protected.
· Inventory and Supply Chain Shortfalls – While the possibility could be remote, it is a prudent preparedness measure to ensure you have either adequate supplies of inventory for a sustained period and/or diversify your distributor sources in the event one supplier cannot meet an order request.
· Facility Remediation/Clean-up Costs – Depending on the incident, there may be a need to enhance the protection of customers and staff by increasing the frequency and intensity by which your business conducts cleaning of surfaces frequently touched by occupants and visitors. Check your maintenance contracts and supplies of cleaning materials to ensure they can meet increases in demand.
· Insurance Coverage Issues – Many businesses have business interruption insurance; Now is the time to contact your insurance agent to review your policy to understand precisely what you are and are not covered for in the event of an extended incident.
· Changing Market Demand – Depending on the incident, there may be access controls or movement restrictions established which can impede your customers from reaching your business. Additionally, there may be public concerns about public exposure to an incident and they may decide not to go to your business out of concern of exposing themselves to greater risk. SBA’s Resources Partners and District Offices have trained experts who can help you craft a plan specific to your situation to help navigate any rapid changes in demand.
· Marketing – It’s critical to communicate openly with your customers about the status of your operations, what protective measures you’ve implemented, and how they (as customers) will be protected when they visit your business. Promotions may also help incentivize customers who may be reluctant to patronize your business.
· Plan – As a business, bring your staff together and prepare a plan for what you will do if the incident worsens or improves. It’s also helpful to conduct a tabletop exercise to simulate potential scenarios and how your business management and staff might respond to the hypothetical scenario in the exercise. For examples of tabletop exercises, visit FEMA’s website at: https://www.fema.gov/emergency-planning-exercises
SBA Products and Resources
Access to Capital
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.
Current Express and additional lenders in NJ:
· 1st Colonial Community Bank
· 1st Constitution Bank
· BCB Community Bank
· Columbia Bank
· Cross River Bank
· Crown Bank
· Financial Resources FCU
· First Bank
· First Commerce Bank
· Fulton Bank
· Kearny Bank
· Lakeland Bank
· Magyar Bank
· Manasquan Bank
· M&T
· New Millennium Bank
· Parke Bank
· Peapack-Gladstone Bank
· PNC
· Provident Bank
· Regal Bank
· Santander Bank
· Sturdy Savings Bank
· TD Bank
· The First National Bank of Elmer
· Unity Bank
· Wells Fargo
· Freehold Bank
· Crest Savings Bank
· 1st Bank of Sea Isle City
· United Roosevelt Savings Bank
· First National Bank of Absecon
· Pinnacle Federal Credit Union
Any Questions, please call or email your Local Lender Relations Specialist:
Claudia Yarborough / LRS: Claudia.Yarborough@sba.gov or 973-645-3572 covers North Bergen, Essex, Hudson, Morris, Passaic, Sussex, and Union Counties
Additional SBA Links to visit:
Link to the SBA PPP website - https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Link to Treasury PPP website - https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf
https://disasterloan.sba.gov/ela/Documents/SBA-Disaster-Assistance-Loans-Businesses-Nonprofits.pdf
VERY IMPORTANT TIME CRITICAL Existing 7a and 504 Loans
**PAYCHECK PROTECTION PROGRAM LOANS (PPP) are not covered by this notice.
USSBA NOTICE OF April 17, 2020
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was enacted to provide emergency and immediate national economic relief and assistance across the American economy, including to small businesses, workers, families, and the health-care system, to alleviate the severe economic hardships and public health threat created by the 2019 Novel Coronavirus pandemic. Under section 1112 of the CARES Act, SBA will provide debt relief to borrowers in the 7(a), 504, and Microloan Programs. The purpose of this Notice is to address the implementation of Section 1112 for the 7(a) and 504 Loan Programs. SBA addressed the implementation of section 1112 for the Microloan Program in a separate notice. See SBA Procedural Notice 5000-20015, effective 04/08/2020.
In accordance with section 1112(c), SBA will pay the principal, interest, and any “associated fees” that Borrowers owe on a “covered loan” in a “regular servicing status” to 7(a) Lenders and Certified Development Companies (CDCs) for a 6-month period. SBA will make these payments in accordance with the criteria and procedures described below.
Key Dates:
· April 16th – Lenders may begin submitting 1502 reports for 1112 loans
· April 22nd – Lenders must submit 1502 reporting for April. Must ensure ACH payment is entered to receive April’s payment, and submit by the 10th every subsequent month
· April 30th – 7a lenders will receive payment from SBA by this date
· May 1st – 504 lenders will receive payment from SBA by this date if payment due date was April 1st
· September 27th – last day to disburse a loan that will receive 6 months of payments
This notice refers to all SBA loans, not the PPP program. Further guidance will be forthcoming for PPP loans.
Press Release from the US Treasury – April 9, 2020
Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
The Federal Reserve on Thursday, April 9, 2020 took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Federal Reserve Board Chair Jerome H. Powell. "The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible."
The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit in the economy.
The actions the Federal Reserve is taking today to support employers of all sizes and communities across the country will:
· Bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP) by supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provides loans to small businesses so that they can keep their workers on the payroll. The Paycheck Protection Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value;
· Ensure credit flows to small and mid-sized businesses with the purchase of up to $600 billion in loans through the Main Street Lending Program. The Department of the Treasury, using funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will provide $75 billion in equity to the facility;
· Increase the flow of credit to households and businesses through capital markets, by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) as well as the Term Asset-Backed Securities Loan Facility (TALF). These three programs will now support up to $850 billion in credit backed by $85 billion in credit protection provided by the Treasury; and
· Help state and local governments manage cash flow stresses caused by the coronavirus pandemic by establishing a Municipal Liquidity Facility that will offer up to $500 billion in lending to states and municipalities. The Treasury will provide $35 billion of credit protection to the Federal Reserve for the Municipal Liquidity Facility using funds appropriated by the CARES Act.
The Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses. Banks will retain a 5 percent share, selling the remaining 95 percent to the Main Street facility, which will purchase up to $600 billion of loans. Firms seeking Main Street loans must commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans.
The Federal Reserve and the Treasury recognize that businesses vary widely in their financing needs, particularly at this time, and, as the program is being finalized, will continue to seek input from lenders, borrowers, and other stakeholders to make sure the program supports the economy as effectively and efficiently as possible while also safeguarding taxpayer funds. Comments may be sent to the feedback form until April 16.
To support further credit flow to households and businesses, the Federal Reserve will broaden the range of assets that are eligible collateral for TALF. As detailed in an updated term sheet, TALF-eligible collateral will now include the triple-A rated tranches of both outstanding commercial mortgage-backed securities and newly issued collateralized loan obligations. The size of the facility will remain $100 billion, and TALF will continue to support the issuance of asset-backed securities that fund a wide range of lending, including student loans, auto loans, and credit card loans.
The Municipal Liquidity Facility will help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. The facility will purchase up to $500 billion of short term notes directly from U.S. states (including the District of Columbia), U.S. counties with a population of at least two million residents, and U.S. cities with a population of at least one million residents. Eligible state-level issuers may use the proceeds to support additional counties and cities. In addition to the actions described above, the Federal Reserve will continue to closely monitor conditions in the primary and secondary markets for municipal securities and will evaluate whether additional measures are needed to support the flow of credit and liquidity to state and local governments.
All of the facilities mentioned above are established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
The Federal Reserve remains committed to using its full range of tools to support the flow of credit to households and businesses to counter the economic impact of the coronavirus pandemic and promote a swift recovery once the disruptions abate.
Term Sheet: Term Asset-Backed Securities Loan Facility (PDF)
Term Sheet: Primary Market Corporate Credit Facility (PDF)
Term Sheet: Secondary Market Corporate Credit Facility (PDF)
Term Sheet: Municipal Liquidity Facility (PDF)
Term Sheet: Paycheck Protection Program Lending Facility (PDF)
Main Street Lending Program
Term Sheet: Main Street New Loan Facility (PDF)
Term Sheet: Main Street Expanded Loan Facility (PDF)
Private Sector Programs to Assist Companies
Bank Assistance Information
Several banks have set-up contact lines to work with individuals impacted by COVID-19. If a bank is not listed below, reach out to them
To find out what they are doing to assist those affected by COVID-19.
The Federal Deposit Insurance Corporation (FDIC) and the (National Credit Union Administration (NCUA) have also put out information
For bankers and consumers.
FDIC: https://www.fdic.gov/coronavirus/index.html
NCUA: https://www.ncua.gov/
Other banks assisting during COVID-19:
· Bank of America: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus
· Capitol One: https://www.capitalone.com/coronavirus/
· Chase: https://www.chase.com/digital/resources/coronavirus
· Citibank: https://online.citi.com/US/JRS/pands/detail.do?ID=covid19
· Discover: https://www.discover.com/coronavirus/
· PNC: https://www.pnc.com/en/customer-service/coronavirus-update.html
· US Bank: https://www.usbank.com/splash/covid-19.html
· Wells Fargo: https://newsroom.wf.com/press-release/corporate-social-responsibility/wells-fargo-donates-625-million-aidcoronavirus
JPMorgan Chase Makes $50 Million Philanthropic Investment to Help Address Immediate and Long-Term Impacts of COVID-19
Note article below about other bank support for the business community:
Call to Action
The Passaic County Division of Economic Development is reaching out to all companies who can manufacture masks, gowns, hand sanitizers and ventilators as needed by our health care providers. We already have companies manufacturing these products in Passaic County – THANK YOU! Please email Deborah Hoffman: deborahh@passaiccountynj.org if you would like to participate and we will link you with the appropriate federal and state contacts.
Department of Labor and Workforce Development – State of NJ
State of New Jersey COVID-19 Jobs and Hiring Portal
A new site has been set up by the Governor's Office to help share information with the public regarding the current situation. The "Jobs Portal" shows opportunities for employment, and the data comes from the employers themselves. This can be a good resource for NJ LWD, One-stop’s, Workforce Development Board’s, College staff, businesses, or for anyone who may have been displaced to find a new opportunity.
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State of New Jersey COVID-19 Jobs and Hiring Portal. The State of New Jersey has developed a centralized resource to match talent with opportunities in industries on the front lines of serving New Jersians during the outbreak. http://jobs.covid19.nj.gov.
Please visit the link below for important information on Sick Leave benefits for your employees and business compensation.
https://www.nj.gov/labor/employer-services/business/covid.shtml
Self-employed individuals may also be eligible for unemployment insurance under the Unemployment PUI program. Visit: myunemployment.nj.gov for additional information.
Governor Murphy Names Members of Council to Restore Recovery
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George Helmy, Chief of Staff to the Governor
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Dr. Richard Besser, President and CEO of the Robert Wood Johnson Foundation and former Acting Director of the Centers for Disease Control and Prevention (CDC)
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· Jeh Johnson, former United States Secretary of Homeland Security under President Barack Obama
Business Counseling and Resources:
Passaic County Division of Economic Development
Deborah Hoffman
Mobile: 201-738-3039
William Paterson University Small Business Development Center
Kathleen Muldoon, Executive Director
NJBIA FREE Webinars
Tuesday, April 28 2:30pm
REGISTER NOW: https://register.gotowebinar.com/register/3798023630927800080
It is no secret that the COVID-19 public health emergency has negatively affected real estate values all over the country. Join Frank E. Ferruggia, of McCarter & English, LLP, as he highlights strategies for obtaining property tax relief in New Jersey
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