Businesses and residents throughout New Jersey are feeling the economic impact of the Coronavirus pandemic. The New Jersey Economic Development Authority (NJEDA) is offering support with a series of initiatives to aid businesses and workers during this time.
NJEDA will launch the application for its $10 million Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 am.1
To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will become available today.
Per NJEDA’s website, the Small Business Emergency Assistance Loan program is designed to provide working capital loans of up to $100,000 to small and mid-size businesses with a physical commercial location in New Jersey. To qualify, businesses must have less than $5 million in annual revenues and be able to show a negative impact resulting from the COVID-19 outbreak. Loans made through the program will have ten-year terms with zero percent interest for the first five years, then resetting to the NJEDA’s prevailing floor rate for the remaining five years, with a three percent cap.2 Completed applications will be considered on a first come, first serve rolling basis.
We will keep you updated with new information. In the meantime, please feel free to contact Cg with questions.