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NJEDA COVID-19 Economic Relief Package

NJEDA initiatives aimed at stabilizing and revitalizing local small businesses, midsize businesses, and other early-stage companies.

NJEDA has developed an economic stability approach around three core principles

1. Get funding into the market as soon as possible
► Where possible, adjust existing NJEDA programs to address crisis needs
► Utilize multiple channels / partners to maximize marketing of programs and minimize processing capacity constraints

2. Leverage private, federal, and philanthropic capital where possible to scale impact

3. Provide a suite of compatible offerings to help address varied marketplace needs (e.g., grants, no-cost loans, low-cost loans, loans through intermediaries, technical assistance)

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SBA Disaster Loan Program

The Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

•       Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
•       SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
•       Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
•       SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
•       These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
•       SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
•       SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please visit: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19, contact the SBA disaster assistance customer service center, call 1-800-659-2955 (TTY: 1-800-877-8339)
or e-mail disastercustomerservice@sba.gov.

Once you go on the website you will click on economic disaster program and that is where you will apply.

For more information about The SBA Disaster Loan Program or about other commercial real estate questions, please contact WCRE, the premier Pennsylvania and New Jersey commercial real estate brokerage firm.

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Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate services, marketing commercial offices, medical properties, investment properties, industrial properties, land parcels and retail buildings for buyers, tenants, investors and sellers in the Greater Philadelphia area and beyond. Please visit our websites for information about our Philadelphia commercial real estate services for office space, retail space, medical space, investments, industrial space or land for sale or lease, or for information about other commercial real estate listings and commercial real estate services from Wolf Commercial Real Estate, the leading Philly commercial real estate broker.

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