Help available for NJ small businesses

Business. Small businesses can apply for help right away. As part of bipartisan emergency legislation that was signed into law last week, the Small Business Association can now provide up to $7 billion in low-interest loans to small businesses impacted by COVID-19.

19 Mar 2020 | 02:08

The U.S. Small Business Administration (SBA) has named New Jersey a declared disaster state in response to the novel coronavirus (COVID-19) outbreak.

This declaration will allow small business owners in North Jersey impacted by the outbreak to apply for resources to help them pay employees, accounts payable, and other bills that cannot be paid because of the impact of the coronavirus. As part of the bipartisan emergency legislation U.S. Representative Josh Gottheimer (NJ-5) supported and that was signed into law last week, the SBA can now provide up to $7 billion in low-interest loans to small businesses impacted by COVID-19.

“Small businesses are truly the bedrock of our North Jersey community. They’re our job creators. Throughout this public health crisis, I’ve been talking with small business owners in North Jersey who are concerned about being able to keep their doors open and pay their workers at a time where consumer demand is unpredictable,” said Gottheimer. “These SBA resources are a critical first step, and I am going to continue fighting to help local businesses throughout the Fifth District remain operational and able to pay their employees during this outbreak.”

Earlier this week, Gottheimer, along with Congressman Rodney Davis (IL-13), led a bipartisan group of 14 Members of Congress to call on congressional leadership, as they explore further economic stimulus legislation, to consider extending Unemployment Insurance for gig and freelance workers, raising the U.S. Small Business Administration’s (SBA) maximum loan amount, allowing the SBA to provide direct loans, and extending the payroll tax credit to businesses beyond the 500-employee limit.

New Jersey has more than 860,000 small businesses, which makes up 99.6% of all businesses in the state. 1.8 million people in New Jersey are small business employees, making up 49.6% of all employees within the state.

For more information on the SBA’s disaster assistance loan program, visit sba.gov/funding-programs/disaster-assistance.