New Jersey Now Approved for SBA Disaster Loans
As part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).
The relaxed criteria will have two immediate impacts:
- Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.
- Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to Coronavirus.
Did You Know?
Dining Bonds. A national initiative is in motion to get funds into the hands of restaurants NOW, even if they are temporarily closed. A Dining Bond works like a savings bond, where you can purchase a “bond” at a value rate to be redeemed for face value at a future date.
For restaurants, many of whom are small businesses and are in serious risk of shutting their doors permanently due to this crisis, the bonds can bring in much needed revenue. And for us, the public, they’re a chance to show love and support, ensuring the future of some of their favorite restaurants.
Jameson Donates $500K to United States Bartenders Guild Emergency Grants Program. The United States Bartenders Guild (USBG) is offering emergency grants to bartenders in need during the Coronavirus (COVID-19) pandemic thanks in large part to Jameson donating $500,000 to their Bartender Emergency Assistance Program (BEAP.) USBG’s official website, https://www.usbgfoundation.org/beap, features the BEAP application, which is open to full-time and part-time bartenders, as well as their spouses or their children. Documentation of your employment is required.