A message to the Fanwood Business Community
During these difficult times, we want our business community to know we are here to support you. We hope the following information will assist you in navigating these unprecedented business challenges. There have been both restrictions and supportive actions rolling out that affect the business community.
Should you wish to reach out to us directly, you can reach our business liaison Liz Jeffery at lizjeffery@verizon.net and me at mayor@fanwoodnj.org.
Subscribe to our regular newsletter, where we are updating the public with information on the coronavirus as it becomes available.
– Mayor Colleen Mahr, Business Liaison Elizabeth Jeffery, Borough of Fanwood Town Council
New Jersey Resources
The New Jersey Economic Development Authority (NJEDA) Board has approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
- 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.
- 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.
- 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.
- 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.
- 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 assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.
NJ Department of Labor
The New Jersey Business & Industry Association – state and federal resources, job opportunities
New Jersey Governor Phil Murphy, New York Governor Andrew M. Cuomo, Connecticut Governor Ned Lamont, Pennsylvania Governor Tom Wolf, Delaware Governor John Carney, Massachusetts Governor Charlie Baker and Rhode Island Governor Gina Raimondo announced the creation of a multi-state council to restore the economy and get people back to work. This announcement builds on the states’ ongoing regional approach to combatting the COVID-19 pandemic.
The coordinating group – comprised of one health expert, one economic development expert and the respective Chief of Staff from each state — will work together to develop a fully integrated regional framework to gradually lift the states’ stay at home orders while minimizing the risk of increased spread of the virus.
Federal Resources
Resource Guide for Small Businesses from the office of NJ Congressman Tom Malinowski (NJ-07).
U.S. Small Business Administration (SBA) – small business guidance & loan resources
- Paycheck Protection Program (PPP) The channel for a business seeking one of these loans will be the lending institutions. The Small Business Administration (SBA) will provide 100% federally backed loans to eligible small businesses and is currently working to onboard new lenders to its program. These loans are accessed directly through lenders and will not require SBA pre-approval. The goal is to be ready to fund loans as quickly as possible.
OSHA Guidance for preparing workplaces for COVID-19
U.S. Department of the Treasury – guidance on deferring tax payments due to COVID-19
Center for Disease Control – interim guidance for businesses and employers
State Legislation Initiatives
The New Jersey State Legislature is also working with the Governor’s Office to fast-track bills to safeguard our economy and aid workers and employers during the outbreak. Please visit the New Jersey State Legislature website for a list of COVID-19 related bills being proposed and voted on, or click here for a quick list of bills as details by NJBIZ.
Updates
APRIL 1, 2020 UPDATE
The New Jersey state tax filing deadline is extended from April 15 to July 15. The new date matches the new Federal tax deadline. Additionally, the state fiscal year (which ends on June 30) will be extended to September 30.
The N.J. Economic Development Authority is accepting applications for small business emergency assistance grants beginning this Friday, April 3, at 9 a.m. Applications for other NJEDA COVID-19 programs, including no/low interest loans, will be available in the coming weeks.
Critical Info on Federal Grants and Loans – Join the U.S. Chamber of Commerce’s conference call on April 2, at 5:15 p.m. with the U.S. Chamber of Commerce to discuss what the $2 trillion federal relief package means to your business.
MARCH 27, 2020 UPDATE
NJEDA Announces new Small Business Support
The New Jersey Economic Development Authority (NJEDA) Board has approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Finance 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. More information about the programs will be available here.
Additional details on the NJEDA’s new programs, including eligibility requirements will be available here: https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/
MARCH 21, 2020 UPDATE
ALL non-essential retail businesses must indefinitely close their physical stores to the public effective 9:00 p.m. tonight.
Only critical businesses may remain open (with social distancing precautions):
- Grocery stores and food stores, including retailers like Walmart/Target that sell food
- Pharmacies and medical Marijuana facilities
- Medical supply stores, Medical and Health Care facilities
- Ancillary stores with health care facilities
- Hardware and home improvements stores
- Liquor stores
- Convenience Stores
- Gas stations
- Banks and other financial institutions
- Laundromats/dry cleaning services
- Stores that principally sell supplies for children under five years old
- Pet stores
- Car dealerships, but only for auto maintenance and repair, and auto mechanics
- Printing and office supply shops
- Mail and delivery stores
- Restaurants and bars providing take-out and delivery only
ALL other retail businesses must close , and all businesses must move to 100% work-from-home/telework wherever possible. Hospitals and health care facilities will remain open. Essential public health, safety, and social services will remain accessible.
FOR MORE INFORMATION ON BUSINESS OPERATIONS AND GUIDELINES, visit covid19.nj.gov
MARCH 20, 2020 UPDATE
Governor Phil Murphy today signed legislation (A3845) that authorizes the New Jersey Economic Development Authority (NJEDA) to make grants during a state of emergency or a public health emergency declared by the Governor. The EDA will also be authorized to grant certain business documentation submission deadline extensions.
A3845 gives the EDA authority to provide grants during periods of emergency and for the duration of economic disruptions due to an emergency. The EDA will be able to offer grants for the planning, designing, acquiring, constructing, reconstructing, improving, equipping, and furnishing of a project, including grants for working capital and meeting payroll requirements. The legislation further allows the chief executive officer of the EDA to extend business document submission deadlines during a period of emergency.
MARCH 19, 2020 UPDATE
The New Jersey Economic Development Authority will continue to lead coordination between the SBA and businesses in our State. NJEDA is currently in the process of scaling up local technical assistance programs to help New Jersey businesses apply for SBA assistance. To start, NJEDA has posted additional information about the SBA program on the State’s COVID-19 business portal: https://cv.business.nj.gov
For those businesses with an immediate financial need, the U.S. Small Business Administration has approved Gov. Phil Murphy’s request for a disaster designation, opening up access to the SBA’s Economic Injury Disaster Loan program to New Jersey businesses hit hard by the COVID-19 pandemic.
Details regarding the SBA loan program can be found online at: https://faq.business.nj.gov/en/articles/3789809
MARCH 16, 2020 UPDATE
Governor Phil Murphy announced the following:
- “New Jersey has announced uniform standards for crowds and social gatherings with the states of New York and Connecticut, beginning at 8 p.m. on Monday, March 16, 2020.
- Bars and restaurants in New Jersey must be closed for on-premise service and may provide take-out and delivery service only. Establishments will be provided a waiver for carry-out alcohol. Drive-throughs, take-out, delivery offered by restaurants, and other delivery services can continue to operate.
- Movie theaters, gyms, and casinos must close temporarily.
- All gatherings of 50 people or more must be canceled or postponed.”
The State of New Jersey has also set up a website to help answer questions that business owners may have regarding COVID-19 and the related closures.
Click here to view the business owners guide to COVID-19.
Here you will find information regarding business-related travel, economic assistance for businesses affected by COVID-19 closures, special recommendations for cleaning, and what to do when you have a sick employee. The page also offers general information regarding the COVID-19 virus.