New Jersey COVID-19 Business Information

Up-to-date information for businesses on reopening after COVID, including rules and guidelines to follow, financial assistance programs, and other resources.

What federal or Small Business Administration (SBA) financial assistance programs are available for my business?

Updated:
September 13, 2021

The U.S. Senate Committee on Small Business and Entrepreneurship has prepared a Small Business Owner’s Guide to the CARES Act on all of the forthcoming federal resources. SBA has also established a dedicated page of Coronavirus (COVID-19): Small Business Guidance & Loan Resources for all current and pending assistance pertaining to economic relief during the current crisis. The IRS has also created a tool to help businesses identify COVID -19 Tax Relief options.

New Jersey has also compiled information regarding other federal competitive grant opportunities, some of which are open to businesses. The Small Business Administration is administering the following COVID-19 relief programs.

New Jersey businesses can speak with counselors from the NJ Small Business Development Centers for assistance with federal program applications. Counselors, who are available at no charge to businesses, can provide technical assistance for the PPP and EIDL programs.

Economic Injury Disaster Loans (EIDLs)

UPDATE 9/10/2021: The COVID Economic Injury Disaster Loan (EIDL) program is a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. The SBA is ready to receive new applications immediately from small businesses looking to take advantage of these new policy changes.

Key changes being announced by the SBA include:

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.
Eligibility and Deadlines

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Learn more about eligibility and application requirements. The application is due December 31, 2021. All applicants should file their applications as soon as possible.

Read more about COVID EIDL and other Federal recovery programs. please visit  Small business owners may call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Friday from 8 a.m. to 8 p.m. EST. Multilingual representatives are available. Small business owners may also contact SBA’s Resource Partners by visiting.

Express Bridge Loan Pilot Program

This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan of up to $25,000.

The American Rescue Plan Act’s Small Business Assistance and Support

The American Rescue Plan provides additional relief for the nation's small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:

SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief, and more details about these program updates and new efforts the SBA will administer in the coming weeks.