The SHCCNJ is here to help you apply!
The SHCCNJ has partnered with the New Jersey Economic Development Authority (NJEDA) to provide support services to small business owners impacted by COVID-19 seeking financial assistance through the Small Business Administration (SBA) ECONOMIC INJURY DISASTER LOAN Program (EIDL) and PAYCHECK PROTECTION PROGRAM (PPP).
The SBA’s Economic Injury Disaster Loan program (EIDL) provides small businesses with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
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 in the program.
For more information, click here.
Click here to visit the SHCCNJ website for more COVID-19 information.
If you are interested, please contact Maria Diaz ([email protected]) by email only to start the application process.