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.
There are currently several relevant bills moving through the New Jersey Legislature that will seek to benefit both employers and employees, and we will continue to provide information as it becomes available. We understand that these economic challenges will have a significant impact on you and your employees and I want to assure you that the Borough is looking into every resource at our disposal.
Thank you for your hard work in providing goods and services to the Fanwood community. We will do everything we can to support you. Your economic health is of great importance to us and the entire Borough of Fanwood.
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. We also ask that you sign up for our regular newsletter, where we are updating the public with information on the coronavirus as it becomes available.
Sincerely,
Mayor Colleen Mahr
Business Liaison Elizabeth Jeffery
Borough of Fanwood Town Council
Latest Policy Updates:
- Governor increases indoor and outdoor gathering limits
- Governor announces details about Statewide Contact Tracing Program
- The Division of Alcohol Beverage Control made a special ruling establishing Temporary COVID-19 Expansion Permits
Latest Funding Updates:
- NJEDA announced $85 million in new grants for small businesses impacted by the COVID-19 pandemic through Phase 4 of the Small Business Emergency Assistance Grant Program.
- NJEDA announced the expansion of its Microloan Program
- Congress passes legislation extending the repayment deadline for PPP loans
- NJEDA Phase 2 Small Business Emergency Assistance Grant application went live on June 9th. While submissions already exceed funding capacity, applications will continue to be accepted for about a week as not all will be deemed eligible/approved
Small Business Resources
- SBA sba.gov
- SBDA sbdcnj.com
- SCORE score.org
- State of NJ nj.gov
- NJS Library jerseyclicks.org
- NJEDA njeda.com
- NJBAC nj.gov/business
- UCEDC ucedc.com
- CBAC cbaclenders.com
- RBAC rbacloan.com
- New Jersey Business & Industry Association NJBIA.org
UPDATE APRIL 15, 2020
The New Jersey Economic Development Authority (NJEDA) has announced $85 million in new grants for small businesses impacted by the COVID-19 pandemic through Phase 4 of the Small Business Emergency Assistance Grant Program. This round of funding will provide grants up to $20,000 to small and medium sized businesses and non-profits that have been negatively impacted by COVID-19.
In order to apply for a grant, businesses must pre-register between Monday, April 19th at 9:00 a.m. and Thursday, April 29th at 5:00 p.m. Pre-registration IS NOT first come, first served, but businesses are encouraged to begin the process as early as possible. BUSINESSES THAT DO NOT PRE-REGISTER WILL NOT BE ELIGIBLE FOR PHASE 4 GRANTS.
Following pre-registration, applications will become available on a rolling basis according to the following schedule:
-Businesses that did not apply for, or were not approved for Phase 3 funding – 9:00 a.m. on May 3, 2021
-Restaurants and child care providers – 9:00 a.m. on May 5, 2021
-Micro businesses (five or fewer FTEs) – 9:00 a.m. on May 10, 2021
-All other small businesses – 9:00 a.m. on May 12, 2021
UPDATE APRIL 10, 2020
Yesterday the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
UPDATE APRIL 1, 2020
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.
UPDATE MARCH 27, 2020
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.
The suite of new initiatives includes:
- 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.
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/
UPDATE MARCH 21, 2020
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
UPDATE MARCH 20, 2020
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.
UPDATE MARCH 19, 2020
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
UPDATE – MARCH 16, 2020
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.
New Jersey Business Resources
The State of New Jersey Department of Labor & Workforce Development
The State of New Jersey Department of Labor & Workforce Development has also set up a new webpage to provide employers and businesses with information during the COVID-19 outbreak. It contains guidance for employers, economic assistance for businesses and guidance for retailers.
The State of New Jersey Department of Labor & Workforce Self-Employed Assistance
For independent contractors, self-employed workers, gig workers, and sole proprietors- here an update on the Pandemic Unemployment Assistance (PUA) program relief options available to you right now, and what’s coming down the pipeline.
The Department of Labor has released a Frequently Asked Questions document answering questions asked by self-employed workers, independent contractors, and gig workers regarding relief options that are available. It includes an explanation of PUA, a discussion of the Families First Coronavirus Response Act, and details on records and documents that you will need to qualify for relief.
The Department of Labor also released a guide to filing a PUA claim as an independent contractor, self-employed worker, or gig worker. It contains information about documents and information that you will need to provide to qualify.
Currently, the PUA application is not available. The Department of Labor is implementing a new PUA benefits system, but until implementation is complete, we encourage you to start the process of qualifying.
The New Jersey Economic Development Authority
The New Jersey Economic Development Authority also has an FAQ page with additional links and resources to help NJ businesses.
The New Jersey Business & Industry Association
The New Jersey Economic Development Authority has compiled an extensive page of resources from the state and federal government, and job opportunities to help NJ employers and employees.
The Fanwood Building Department
The Fanwood Building Department remains open but is closed to the public. All scheduled inspections have been postponed for two weeks. For questions, please contact the Department here .
Additional Resources
- The Micro Business Loan Program makes financing of up to $50,000 available to NJ businesses with annual revenues below $1,500,000 with 10 employees or less
- The State of NJ has set up a COVID-19 Business Guidance Page with important information
- NJ Department of Labor provides important information on what Employers and Businesses Should Know
- NJ Department of Labor also provides information for what Employees Should Know
List of Executive Orders issued by the Governor’s Office as of June 15, 2020
Executive Order 149 – Resumption of daycare centers, youth camps, and organized sports
Executive Order 150 – Outdoor dining protocols
Executive Order 151 – Public Health Emergency extension
Executive Order 152 – Lifting of limits for indoor and outdoor gatherings
Executive Order 153 – Opening of pools and outdoor recreational businesses
Executive Order 154 – Personal care services to resume as of June 22, 2020
Federal Resources
We are also providing a number of federal resources available to employers and businesses across the country.
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.