Has your business been impacted by the Coronavirus (COVID-19)? The SBDC at The College of New Jersey is here to provide access to the disaster capital and resources your business needs to recover, rebuild and grow.

If your business has been adversely impacted by COVID-19 you may eligible and qualify for a no-interest, no-fee state and/or a low-interest federal business disaster loan. In this section of our website, you will find a wealth of information to help you with your business recovery efforts, including details about Federal and State Small Business Disaster Loan Programs; information on Where to Find Assistance; Additional Resources; and more.

Federal Disaster Loans for Small Business

Paycheck Protection Program Loan Guarantee and Forgiveness

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline: June 30, 2020

Passed by Congress, and signed by the President, the Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program intended to provide eligible small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loan from the U.S. Small Business Administration. To apply for forgiveness, small businesses must submit documentation regarding the eligible uses of loan funds (payroll costs, mortgage interest, utilities, etc.), a certification that such documents are true and correct, as well the amount to be forgiven, and any other documentation deemed necessary by the U.S. Small Business Administration. The amount any small business is eligible to borrow and be forgiven is 250 percent of their average monthly payroll expenses, up to a total of $10 million.

 

Find A Lender

 

Federal Disaster Loans for Small Business

U.S. SBA Economic Injury Disaster Loan (EIDL)

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline: December 18, 2020

The U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. he President has activated a presidential disaster declaration in response to COVID-19. Impacted businesses, small agricultural cooperatives, and private nonprofit organizations may apply for low-interest loans through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. If your business has suffered substantial economic injury, you may qualify for an EIDL. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

 

Apply Here

 

New Jersey Community Capital

Garden State Relief Fund

Click Here for information about eligibility, loan program details, and how to apply.
Application Details

New Jersey Community Capital (NJCC) is offering working capital loans to small businesses and non-profits negatively impacted by the COVID-19 pandemic. This program received initial support from the Pascale Sykes Foundation and a personal commitment from President and CEO, Fran Sykes. Given the immediate need for these loans, NJCC will aim to process loan applications within 10-14 business days.

Eligibility

  • Businesses and nonprofits with 3 to 50 full-time employees. NJCC will aim to process Garden State Relief Fund applications within 10-14 business days.

  • Special opportunity for businesses located in the THRIVE South Jersey footprint (Gloucester, Cumberland, Salem, and Western Atlantic Counties), thanks to the generous support of the Pascale Sykes Foundation. Please click here for more information.

Loan Terms

  • Up to 36 months. Please view this form for complete eligibility and terms.

Click Here To Apply

 

Grant Station 

Grant Opportunities Related to the COVID-19 Pandemic

Here you’ll find the latest coronavirus grant funding opportunities for nonprofits, small businesses, journalists, and artists, updated each business day and listed by deadline date.

Find A Grant

 

Salesforce & Ureeka

Salesforce Care Small Business Grants

As part of Salesforce’s commitment to small businesses and giving back to the community, Salesforce is partnering with Ureeka to offer eligible small businesses the opportunity to receive a $10,000 grant to help them through the COVID-19 outbreak. Navigate below to see if you are eligible and how to continue with an application.

Am I eligible?

To be eligible to apply, companies must:

  • Be a for-profit company

  • Have between 2 to 50 employees

  • Have been in business for 2 full years as of March 2020

  • Have an annual revenue between $250k and $2M

  • Have experienced challenges from COVID-19

  • Meet all other eligibility requirements as stated in the Grant Program Terms linked here.

Full Grant Program Privacy Policy can be found here. Please note that funds cannot be used for any new or existing Salesforce product or service expenditures.

How do I apply?

In order to ensure an optimal user experience, applications will open in 2 phases. Phases are based on location, and will not affect your likelihood for receiving a grant. Each phase will have 1 week to apply.

If your business meets the eligibility criteria above, find your state on the map by clicking here. If the application is open, click to start the application process.

What happens after I apply?

All applicants will be required to fill out an eligibility form prior to the application. If deemed ineligible, you will not be able to move forward with the application process.

If eligible, you can continue with the application. You will receive a confirmation email with next steps within 24 hours after you have completed all parts of the application and submitted.

Have additional questions? Learn more about the program on our FAQ page.

Check Eligibility

 

New Jersey Economic Development Authority (NJEDA) for Small Business 

NJ Entrepreneur Support Program

Before completing the application for the Entrepreneurial Guarantee Program please note that this is a two-part application initiated by the Investor seeking the guarantee AND finalized by the NJ company in which the investor is/has provided funding.

Please note, Application submissions are required to be 1:1 between one unique (per SSN# or FEIN#) investor and Entrepreneurial business, per guarantee agreement. If related entities (but with different FEIN’s or agreements) made a combined investment in to the Entrepreneurial business, they will be required to submit multiple applications.

Please be sure you meet all eligibility criteria before applying which include:

Investor Applicant requirements

  • Investor applicant has provided previous funding to the NJ company in the form of a convertible note, SAFE or equity as of March 9th, 2020 or prior
  • That same Investor applicant is providing/has proved funding after the date of the NJ State of emergency March 26, 2020 which serves as the object of the sought guarantee
  • The Investor applicant is not a founder/employee of the company
  • The note for which the guarantee is being sought has at least a one year maturity, with no current payments and no collateral

The Entrepreneurial Business Requirements

  • Has a minimum of 50% of employees in NJ (as of 12/31/2019)
  • Has fewer than 25 total employees at the time of application and as of 12/31/2019
  • Has under $5 million in trailing twelve-month revenues
  • Has its corporate headquarters in New Jersey (including at least one C suite member with a principal office in New Jersey)
  • Falls under one of the eight sectors outlined in Governor Murphy’s economic plan (advanced manufacturing, information/technology, life sciences, finance and insurance, clean energy, food and beverage, advanced transportation, film and digital media)
  • Is registered to do business in NJ and can certify that the company is in good tax standing with the State
  • Is in good standing with the Department of Labor and Workforce Development

If you do not meet all the eligibility requirements outlined above, do not proceed with the following application for the Entrepreneur Guarantee Program

Click Here To Apply

 

New Jersey Economic Development Authority (NJEDA) for Small Business 

NJEDA Small Business Emergency Assistance Grant

Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline:  April 10, 2020, 9 AM

To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard. Explore how how NJEDA determines grant size with the Grant Size Calculator. You may also access a copy of the grant application now, to assist you with preparing your submission. More information is available below on the grant scope, eligibility, and the materials that will be required for application submissions.

The Small Business Emergency Assistance Grant Program will provide up to $5,000 to NJ-based SMEs that have between 1–10 full time equivalent employees (“FTE”). The grant funding is targeted as unrestricted payroll and working capital support, and cannot be used for any capital expenses, including construction.

Grant values are calculated at $1,000 per FTEs reported on business’ WR-30 filed with the New Jersey Department of Labor and Workforce Development.

Applications Are Closed

 

New Jersey Economic Development Authority (NJEDA) for Small Business 

NJEDA Small Business Emergency Loan Program

Click Here for information about eligibility, loan program details, and how to apply.
Applications are open now!

In response to the economic challenges being faced by New Jersey small businesses due to the COVID-19 outbreak, the New Jersey Economic Development Authority (NJEDA) has created the Small Business Emergency Assistance Loan Program. The $10 million program will make direct low-cost financing available to allow New Jersey small businesses and nonprofits to cover operating expenses and ensure continuity of operations during the outbreak.

You may now access a copy of the loan application to help you prepare your submission. Completed applications will be considered on a first come, first serve rolling basis. To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.

The Small Business Emergency Assistance Loan program is designed to provide a direct loan of up to $100,000 to NJ-based small businesses and nonprofits organizations that have been in existence for at least one-year and have less than $5 million in annual revenue. These businesses must have been negatively impacted by the COVID-19 outbreak (including, but not limited to: reduction of business hours, complete closure of business, at least a 20% decline in revenue, employees unable to work, required to close by the government, or disruption of supply chain).

Applications Are Closed