Assistance for Businesses Affected by COVID-19
The Government recently enacted the most recent COVID-19 stimulus package to assist those affected by the COVID-19 pandemic. Of particular interest to our small business clients are two SBA programs aimed to assist those who have suffered financial hardships because of COVID-19: the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
Paycheck Protection Program (PPP)
PLEASE READ THIS VERY CAREFULLY TO ASSURE YOUR PPP LOAN APPLICATION IS PROCESSED TIMELY.
- Our PPP Loan Application Portal will step you through the process from start to finish.
- You should review the SBA Form 2483 Form (or 2483-SD) and calculate your loan amount in advance. Included in the Portal is a Loan Amount Calculator that may assist you with your calculations.
- If you are applying for a Second Draw Application, you should have your PPP Loan Number and Loan Amount available.
- The “Help Button” on the top right side of the screen system will direct you to our team if you require assistance.
- There is a Borrower Tutorial on the home page that will walk through application completion and there are Tool Tips throughout the application interface.
- For additional questions about the PPP Loan Program please go to: www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
- Please use the full business name as stated on the Certificate of Formation/Incorporation.
- NAICS Code. This is the Business Activity Code located at the top of your corporate or partnership Federal Income Tax Return or Schedule C.
- Business TIN (EIN, SSN) should be the business’ tax identification number.
- Please only use whole dollars when completing Average Monthly Payroll and Loan Request Amount and always round down, i.e. $2,170.79 should be $2,170.00.
- SBA Loan Number. This is on the top of the First Draw PPP SBA Loan Note. The loan number starting with 50000 is the First Hope loan number and NOT the SBA Loan Number.
- In the Applicant Ownership section, the TIN (EIN, SSN) should be the owners social security number or tax identification number.
For further information, please visit www.sba.gov.
If you have any questions, please contact us at firstname.lastname@example.org with your name, telephone number and a brief description of your question and one of our knowledgeable lending team members will respond.
Economic Injury Disaster Loans (EIDL)
Additionally, there is a separate provision for businesses that reside in declared emergency zone. These are low interest loans that may be used for items outside of the PPP. Below is a link with further details and how to apply:
New Jersey Economic Development Authority (NJEDA)
The NJEDA has created an Emergency Assistance Eligibility Wizard to assist businesses in determining whether they qualify for any programs:
Other Resources for Businesses
*Please note after publication of this document the PPP loan rate was changed from 0.5% to 1.0%