NJEDA Small Business Emergency Assistance Loan

The New Jersey Economic Development Authority (NJEDA) has created a Small Business Emergency Loan Program to assist with the continued economic impact of COVID-19. This $10 million program will provide working no-to-low interest capital loans of up to $100,000 to businesses with less than $5 million in revenues.

Changes to Paycheck Protection Program

The U.S. Small Business Administration (SBA) has issued interim regulations under the Paycheck Protection Program (PPP). These regulations have changed aspects of the program for independent contractors, includable and excludable payroll costs, and more.

Applications Open Tomorrow for NJEDA’s Grant Program

The application process for the NJEDA's Small Business Emergency Assistance Grant Program opens tomorrow, Friday, April 3, at 9am.

Paycheck Protection Program

The latest coronavirus relief fund established new loans to help employers pay workers and cover other employment-related expenses during the coronavirus crisis.

Lenders can start processing loan applications for small businesses and sole proprietors on April 3, 2020 and independent contractors and self-employed workers on April 10, 2020.

DOL Guidance on Families First Coronavirus Response Act

The Department of Labor recently issued additional regulations and guidance regarding the Emergency Family and Medical Leave Expansion Act (EFMLEA) portion of the legislation. This guidance covered small business exemptions, office closures, intermittent leave, furloughs or reduced hours, and documentation.

CARES Act – Benefits for Individuals

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief plan, which includes direct payments to many Americans, expanded unemployment benefits, and additional benefits for individuals and families during these difficult times.

CARES Act – Small Business Update

The newly enacted CARES Act provides for forgivable small business loans. This article shares details about loan amounts, loan forgiveness, and then shares additional resources where small business owners can go for additional guidance.

Coronavirus Aid, Relief, and Economic Security (CARES) Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief plan which includes direct payments to Americans, strengthened unemployment insurance, loans to businesses, and increased health-care resources. The CARES Act was signed into law by President Trump on Friday, March 27, 2020.

We’ve summarized the aspects of the bill we believe most affect our clients. There are additional benefits to specific industries and states along with special provisions.

FFCRA – Important Updates [Now Effective April 1]

The Department of Labor has determined that the effective date for the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020. The text of the FFCRA states that the act takes effect “not later than 15 days after the date of enactment.”

In our previous communication on the FFCRA Update, we stated the effective date would be April 2, 2020.  The DOL has made it clear that this is not the case and that the law will be effective April 1, 2020.