Immediate Updates regarding New Jersey's Small Business Status:
Updated: 3/31/2020 @ 8:05am
President Trump signed the $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy on Friday. It will inject a flood of cash and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.
Relief set out in the bill includes direct payments of $1,200 to millions of Americans, strengthened unemployment benefits, and hundreds of billions of dollars in loans for struggling businesses.
Small businesses — those with 500 employees or fewer — would receive $367 billion in emergency funding. Firms would be encouraged to maintain payroll, and operating costs could be forgiven if participating companies met specific requirements.