Federal Support for Small Businesses
Small businesses may be eligible to receive loans capped at 2.5 times their monthly payroll expenses. More importantly, the balance of these loans would be completely forgiven if a business maintains salary and benefits for its workforce. Preventing the death of small businesses and keeping workers attached to their employers is critical for ensuring the economy can quickly start back up again after the health-related shutdown ends. The new bill authorizes up to $370 billion in emergency lending for this purpose.
NJEDA Announces New Initiatives
To Support Businesses Impacted by COVID-19. The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information.
Did You Know?
How to Support Hospitals and Health Care Workers. When the world seems scary, helping other people can make you feel more in control and hopeful. That’s especially true right now, as coronavirus continues to spread worldwide. It may feel difficult to find ways to volunteer during the COVID-19 crisis, given the big push for people to isolate. But there’s plenty you can do to lend a hand during this outbreak that doesn’t involve putting your own health or other people at risk. Focus on supporting the people and institutions that are the most in need right now, including health care workers and hospitals. Here’s what they need from you.
F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Bill. The Senate relief bill would send money to Americans and greatly expand unemployment coverage. The Senate unanimously passed a $2 trillion economic rescue plan on Wednesday that will offer assistance to tens of millions of American households affected by the coronavirus. Its components include stimulus payments to individuals, expanded unemployment coverage that includes the self-employed, and much more.