NJEDA Small Business Emergency Assistance Loan (Application will close Thursday, April 16, at noon)
Updated: Apr 16, 2020
UPDATE 4/15/2020: Applications will close on April 16, 2020, at 12:00 p.m.
UPDATE 9:28 A.M. 4/13/2020: Please be advised that based on applications already received, funding for this program is now oversubscribed. Applicants may continue to apply so that NJEDA has your information should additional funding become available, but further applicants should not expect a review or decision for this round of funding.
Apply for the Small Business Emergency Assistance Loan.
In response to the economic challenges being faced by New Jersey small businesses due to the COVID-19 outbreak, the New Jersey Economic Development Authority (NJEDA) has created the Small Business Emergency Assistance Loan Program. The $10 million program will make direct low-cost financing available to allow New Jersey small businesses and non-profits to cover operating expenses and ensure continuity of operations during the outbreak.
You may access a copy of the loan application to help you prepare your submission. Completed applications will be considered on a first come, first serve rolling basis. To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.
The Small Business Emergency Assistance Loan program is designed to provide a direct loan of up to $100,000 to NJ-based small businesses and non-profits organizations that have been in existence for at least one-year and has less than $5 million in annual revenue. These businesses much have been negatively impacted by the COVID-19 outbreak (including, but not limited to: reduction of business hours, complete closure of business, at least a 20% decline in revenue, employees unable to work, required to close by government, or disruption of supply chain).
Your organization is eligible for the Small Business Emergency Assistance Loan Program if you…
Have a physical commercial location in the State of NJ. Home-based businesses are not eligible for this program. A home-based business is a business operated out of a residential property where commercial activity is not zoned to take place.
Have been in existence for at least one year
Have less than $5M annual revenue
Can show a global debt service coverage ratio of 1.00 (as of December 31st, 2019)
Are able to demonstrate negative impact related to COVID-19 on or after March 9th, 2020
Are registered to do business in the State of NJ
Must certify that the company is in good tax standing with the State
Are in good standing with the Department of Labor and Workforce Development, with all decisions of good standing at the discretion of the Commissioner of the Department of Labor and Workforce Development
Are able to provide a CEO certification that the firm will make its best-effort to not lay off employees or will re-hire employees as soon as possible
Non-profit organizations are eligible for this program; eligible non-profits must have status of 501(c)(3), 501(c)(4), 501(c)(7)
Types of businesses not eligible:
Related to gambling or gaming activities
Related to the purveyance of “adult” (i.e., pornographic, lewd, prurient, obscene) activities, services, products or materials (including nude or semi-nude performances or the sale of sexual aids or devices)
Auction or bankruptcy or fire or “lost-our-lease” or “going-out-of-business” or similar sale
Christmas tree sales or other outdoor storage
Any other activity constituting a nuisance
Illegal under the laws of the State of New Jersey
Read More: https://faq.business.nj.gov/en/articles/3835238-how-do-i-apply-to-the-njeda-small-business-emergency-assistance-loan-application-will-close-thursday-april-16-at-noon