Coronavirus Updates for Business and Community

Last Updated: 8-06-2021, 12:30 pm

The Bridgeton Area Chamber and Cumberland Development Corp., working with our partner Chambers – NJ Chamber, U.S. Chamber, and Chamber of Commerce of Southern NJ  — Cooperative Business Assistance Corp, Cumberland County Freeholders and Administration, Cumberland County Improvement Authority and U.S. and NJ economic development and other agencies, provides this web page as a resource to our Members,  all area businesses and organizations and the public.  The information provided is from these and other reliable sources. Our mission is to assist our business community with accurate and timely information during this critical health and economic emergency and at all times.

SBA Announces Official Restaurant Revitalization Fund Application and Guidelines

SBA Economic Injury Disaster Loans Available for Excessive Rain Following Secretary of Agriculture Disaster Declaration for New Jersey

ATLANTA – The U.S. Small Business Administration announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Cumberland and Salem counties in New Jersey as a result of excessive rain that occurred from Aug. 1 to Sept. 1, 2020.

“These counties are eligible because they are contiguous to one or more primary counties in Delaware. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Kem Fleming, director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.

The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations of all sizes, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov and should apply under the SBA declaration # 16874, not for the COVID-19 incident.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit completed loan applications to SBA no later than Oct. 12, 2021.

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

New Jersey Community Capital & the African American Chamber of Commerce of New Jersey Launch the Equitable Small Business Initiative

Expanding Financial Relief and Long-Term Investment for Black and Minority-Owned Small Businesses in New Jersey

New Jersey Community Capital and the African American Chamber of Commerce of New Jersey announced the formation of the Equitable Small Business Initiative, a $5 million commitment to bring capital to small business enterprises in New Jersey, focusing on support for Black-owned businesses most affected by the COVID-19 pandemic. The partnership is a first-of-its-kind collaboration between a community development financial institution and a New Jersey-based Chamber of Commerce.

Eligible and interested small business owners can apply for a loan starting April 1, 2021.

VISIT THE NEW JERSEY COMMUNITY CAPITAL WEBSITE

UCEDC Launches Virtual Incubator Program (VIP)

UCEDC is excited to announce the launch of the first session of our Virtual Incubator Program (VIP) on February 3rd. Developed in collaboration with UCEDC’s Diversity Advisory Committee, selected businesses with ownership from underserved populations are receiving mentorship, training, and funds to help meet the challenges of this moment.

While diverse businesses have struggled to find resources in the current economic climate, our goal is to provide them with the support they need. Our first session is comprised of twelve businesses from across New Jersey, ranging from food service to STEM tutoring.

“Investing in myself means investing in my company. Therefore I continue gaining knowledge to make my dreams and goals come true. The VIP is providing me with the tools necessary to achieve them,” says Hilda Mera, owner of S&A Auto in Newark. Adds Randall Toby, owner of Magnificent Men Mentoring Group in Burlington, “I’m grateful to be part of such an informative, professional and interactive program. The information is perfectly designed for both established and early-stage businesses.”

To learn more about the VIP initiative or view the application and requirements, click here. If you know of a business that meets the requirements and would like to apply to future sessions, please feel free to share this link: https://ucedc.com/ucedcs-virtual-incubator-program/

The New Jersey Redevelopment Authority Announced that Phase 2 of Their Lease Emergency Grant Program

Opens Monday, February 22nd at 9 am on a First-Come-First-Served Basis

Governor Phil Murphy and Lt. Governor Sheila Oliver recently announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program. This commercial rent relief program provides grants up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s 66 legislatively designated communities.

The application for these grants opens on Monday, February 22nd, at 9:00 a.m. and is first-come-first served. The link to the application for the small business lease grants will be available on their web page on Monday, February 22, at 9:00 a.m.

Eligibility Requirements:

• Small businesses leasing commercial space in mixed-use buildings

• Small businesses leasing space in commercial buildings

• Small businesses leasing space to operate a storefront business

• Small businesses occupying no more than 5,000 SF of space

• Small businesses in one of our 66 legislatively designated municipalities

Businesses in Bridgeton, Millville, and Vineland are eligible. To view the list of the 66 legislatively designated municipalities, click here.

1-11-2021:

SBA and Treasury Announce PPP Re-Opening; Issues New Guidance

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

• PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and
• Interim Final Rule on Second Draw PPP Loans.

1-11-2021: