Government Relief for New Jersey Businesses
Serving Business Owners Impacted by COVID-19
M. Ross & Associates, LLC knows that many business owners are currently
struggling to make it through the COVID-19 outbreak. From cutting back
on essential expenses to CEOs forgoing their own salary in hopes that
things will soon get back to normal, business owners throughout New Jersey
are sacrificing everything they possibly can to protect the future of
their companies and employees.
Our lawyers have been helping business owners protect their best interests
for years, and even in these uncertain times, we are still here to provide
top-notch legal services and counsel to our clients. There are various
federal and state loans and grants being made available to assist your
business. What option is best for your business and what requirements
are needed? We can guide you on the government relief packages available
and assist with all legal forms and submissions.
Types of Relief Funds for Businesses
Talk to our team to learn about these resources and other ways to help
your business obtain financial support to manage this crisis:
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Paycheck Protection Program: This program authorizes up to $349 billion to go towards helping small
business owners with job retention and certain other expenses. Small businesses,
eligible nonprofit organizations, Veterans organizations, Tribal businesses,
self-employed individuals, and independent contractors can seek a loan
up to $10 million. The amount of the loan is determined by 8 weeks of
prior average payroll plus an additional 25% of that amount. Loan payments
under the Paycheck Protection Program will be deferred for six months.
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Economic Injury Disaster Loan Advance: Small business owners in all 50 U.S. states, Washington D.C., and territories
can apply for an Economic Injury Disaster Loan advance. The maximum amount
of this type of loan is $10,000. It is intended to provide economic relief
to businesses experiencing a temporary loss of revenue from the pandemic.
An Economic Injury Disaster Loan advance doesn’t have to be repaid.
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SBA Debt Relief: This program provides a reprieve to small businesses to aid in overcoming
the challenges created by the COVID-19 crisis. The U.S. Small Business
Administration will also pay the principal and interest of new 7(a) loans
issued before September 27, 2020, as well as the principal and interest
of current 7(a) loans for a period of six months.
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SBA Express Bridge Loans: If you already have a business relationship with an SBA Express Lender,
then you can apply for the Express Bridge Loan Pilot Program. Business
owners who qualify for this program can get a loan for up to $25,000 with
less paperwork. An SBA Express Bridge loan can be used to cover expenses
while you are applying for a direct SBA Economic Injury Disaster loan.
Helping Business Owners Overcome COVID-19 Challenges
If your business needs financing to overcome the various obstacles presented
by the COVID-19 pandemic, please don’t hesitate to get in touch
with our legal team so we can assess your situation and determine which
programs you are eligible for.
Call us today at (201) 897-4942 to schedule your consultationwith a lawyer at our firm.
