Coronavirus Legislative Updates And Resources
The Princeton Mercer Regional Chamber and Convention & Visitors Bureau are actively monitoring developments surrounding the coronavirus. We understand these are concerning times for our local businesses and we are here to be a resource. As we receive new information, it will be uploaded to our Member News page for full details.
Grants & Loans
Guide to Small Business COVID-19 Emergency Loan
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
New Jersey: Small Business Emergency Assistance Grant Program
The State of NJ and the Federal Government announced that applications for funding will open on Friday, April 3, 2020.
The NJ Economic Development Authority shared more information Small Business Emergency Assistance Grant Program. The program size is $5 million. Applications will close on Friday, April 10 at 9 a.m. The application will be available online at https://cv.business.nj.gov/grant.
It is very important that you review the NJEDA’s slide presentation, which contains a screenshot of each application page (beginning on slide 4) and have all of your required information ready when applying. It is expected that this program may close prior to the April 10 deadline based on anticipated enrollment.
Attention nonprofits – If in the eligibility wizard tells you are not eligible for the grant program, please know that you are still eligible for the loan program.
Federal: Paycheck Protection Program Application
- Participating NJ Banks approved by the U.S. Small Business Administration.
- Application Form: This form is to be completed by the Applicant and submitted to your SBA Participating Lender (see above link of Participating Banks). Submission of the requested information is required to make a determination regarding eligibility for financial assistance. Failure to submit the information would affect that determination. NOTE: This is an online writeable PDF and not an online application. If you complete the fields in the PDF, you should save it to your desktop, print it and bring it to your financial institute.
SBA – Please note that there are still many guidelines to be worked out and our NJ banks are still awaiting SBA guidance in order to process these loans. If your bank is not ready to receive or process your loan as the program opens, please be patient.
*Download the Paycheck Protection – Loan Amount Calculator.
Federal: COVID-19 Economic Injury Disaster Loan Application
The U.S. Small Business Administration is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed. Apply Here.
Federal: Families First Coronavirus Response Act Update, April 1
The U.S. Department of Labor issued temporary regulations for the Families First Coronavirus Response Act (click here). Employees must give notice to their employers of the need to take leave and provide documentation to support paid sick leave and emergency family and medical leave. The IRS also provided documentation needed relating to tax credits for required paid leave provided by small and midsize businesses. (click here).
Recent Legislative Measures
Here are some helpful links with the latest official information and procedural guidance for businesses to operate:
New Jersey Resources
The state of NJ has a 24 Hour Public Hotline 1-800-222-1222 trained healthcare professionals are standing by to answer questions about coronavirus. The call is free.
United States and Global Resources