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NJ Chamber

Economic Recovery & Reopening Update

May 18, 2021

 

INSIDE TODAY'S UPDATE

 

·    Big Boost: N.J. is getting $10.2 billion in federal aid this month.

 

·    FDA said Monday that Adolescents between 12 and 15 can now get Pfizer’s COVID-19 vaccine.

 

·    When offices reopen, will workers be expected to immediately return everyday? We asked N.J. business executives.

 

Big Boost: N.J. is Getting $10.2 Billion in Federal Aid this Month 

New Jersey's state and local governments will begin getting $10.2 billion in federal aid this month, the U.S. Treasury Department announced Monday. The money can be used to make up lost tax revenue, fund increased health costs due to COVID-19, rehire laid off public employees, assist residents who are hungry or face eviction, help small businesses, and provide extra pay for essential workers. In addition, the money can be used to help communities hardest hit by the pandemic, including addressing long-standing problems; expanding high-speed internet; and improving water and sewer systems. (nj.com)

 

FDA: Adolescents Between 12 and 15 can Get Pfizer’s COVID-19 Vaccine 

The FDA said Monday that children 12 to 15 years old are now eligible to receive a key COVID-19 vaccine as the agency expanded its emergency use authorization for the Pfizer vaccine. The Pfizer vaccine previously had been authorized only for people 16 and older. Pfizer asked the FDA to broaden its emergency use authorization for the vaccine after announcing in late March that clinical trials found "100% efficacy and robust antibody responses" in study participants who were 12 to 15. (National Public Radio)

 

When Offices Reopen, will Workers be Expected to Immediately Return Everyday? We Asked N.J. Business Executives.

Offices will soon be reopening. We asked N.J. executives whether they expect employees to return to the office everyday, or will there still be some working from home. Here is what they said. (N.J. Chamber of Commerce)

 

Survey: Nearly Half of Americans are Dealing with Social Anxiety Over a Return to In-Person Interactions 

In a February survey of American adults, nearly half said they feel uneasy about adjusting once the pandemic ends and they return to work full-time. (NJ Spotlight News)

 

N.J. Now Shares Local COVID-19 Vaccination Rates – and It’s Naming the Towns that are Lagging  

New Jersey is sharing municipal-level immunization rates online for the first time, and naming towns that are lagging. New Brunswick, Perth Amboy and Trenton saw their vaccination rates rise by 6 points since the state drew attention to their low rates. (NJ Spotlight News)

 

Are We Ready for a Full House for the Jets and Giants?

What are the chances that the Jets and Giants will be able to play in front of a full MetLife Stadium by Week 1, amid the pandemic? “I think the prospects are pretty good,” Gov. Murphy said yesterday. The first Sunday of the NFL regular season is Sept. 12. (nj.com)

 

Food Pantries Share $3.5 Million to Strengthen Hunger-Relief Services

Almost 300 New Jersey food pantries and soup kitchens are sharing $3.5 million to improve their services to people who have become food-insecure. Demand for food assistance, though lower than its pandemic peak, is still much higher than before the pandemic. (NJ Spotlight News)

 

New Online Resource: The NJ Chamber Legislative Roster

 

An up-to-date, mobile friendly, single source for office and contact information for New Jersey’s Governor and every N.J. legislator 

 

Try it out here - NJCCGovGuide.com

 

Small Business Series: The National Outlook for 2021 – May 19 

Join Curtis Dubay, senior economist at the U.S. Chamber of Commerce, for a discussion on the economic outlook for the remainder of 2021. This is the second of the N.J. Chamber's five webinars focused on information for small businesses. Register free of charge here. (N.J. Chamber of Commerce)

 

Were you forwarded this newsletter? For more information about the N.J. Chamber, email victoria@njchamber.com

 

 

Business Resources

 

The State's Latest Easing of Restrictions (State of N.J.)

 

Federal Grants for Restaurants and Bars (U.S. Chamber of Commerce)

 

Guidance, Restrictions, and Assistance for Businesses (State of N.J.)

 

State & Federal Financial Assistance (U.S. Chamber of Commerce)

 

Pandemic Resources for Small Businesses (U.S. Chamber of Commerce)

 

Are You Giving Employees Time Off to Get Vaccinated? Learn about the COVID-19 Vaccination Tax Credit. (U.S. Chamber of Commerce)

 

Reopening Playbook for Employers (U.S. Chamber of Commerce)

 

Vaccine Guide for Businesses (U.S. Chamber of Commerce)

 

Paycheck Protection Program (PPP) Guidance (U.S. SBA)

 

Discount PPE for NJ Businesses (State of N.J.)

 

Jobs and Hiring Portal Job Seekers | Employers (State of N.J.)

 

General Pandemic Information (State of N.J.)

 

Guide to Starting a Business in N.J. (New Jersey Business Action Center)

The Best Tool for Your Business - Membership in the N.J. Chamber

 

The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.

 

Click here to request more information

 

You are welcome to share this newsletter via email, social media or on your organization's website. Please credit the New Jersey Chamber of Commerce with a link to http://njchamber.com.

 

The New Jersey Chamber of Commerce is staying on top of pandemic and economic recovery developments. For news media requests, please email Scott Goldstein.

New Jersey State Chamber of Commerce | Follow Us:

 

THANK YOU TO THE NEW JERSEY STATE CHAMBER OF COMMERCE FOR PROVIDING THE ABOVE INFORMATION.

www.njchamber.com.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

Coronavirus relief options

SBA offers several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can view all options or skip to a specific program below.

SBA is currently offering the following funding options:

SBA is preparing to offer:

  • Shuttered Venue Operator grants
  • Targeted EIDL Advance (limited eligibility)

SBA previously offered the following funding options:

  • EIDL Advance (No longer available)

Learn more about SBA's coronavirus relief options

Coronavirus recovery information in languages other than English

Recovery Information in Languages other than English

Guidance for businesses and employers

Visit the Recovery Hub

Local assistance

SBA has 68 District Offices around the country that provide guidance and assistance to small businesses in their area. We also work with a number of local organizations to counsel, mentor, and train small businesses through our official Resource Partners: SCORE mentors, Women’s Business Centers, Small Business Development Centers, and Veterans Business Outreach Centers. You can use SBA’s Local Assistance Directory to locate the SBA District Office or Resource Partner service location nearest you.

SBA offices have been fully operational since the start of the COVID-19 pandemic and are maximizing telework to best serve our small business customers. Check the operating status for all SBA locations.

Join the SBA's relief efforts

Join our team! SBA is hiring additional employees to assist with disaster relief efforts. Bilingual language skills are a plus. Remote jobs are available nationwide.

Additional SBA resources

SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans.

You can read SBA’s plan for use of covered funds provided through public laws: Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Paycheck Protection Program and Health Care Enhancement Act, and the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020.

Loan programs

SBA provides a number of loan programs for small businesses. Learn about loans and how to connect with a lender.

  • 7(a) loans offer amounts up to $5,000,000. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.
  • Express loans offer up to $350,000 for no more than seven years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.
  • Community Advantage loans allow mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.
  • 504 loans are designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.
  • Microloans are made through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery and equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

Exporting assistance

SBA provides an array of trade tools and export finance programs to help small businesses increase international sales and respond to opportunities and challenges associated with trade, such as COVID-19.

The following loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products:

  • Export Express loans provide quick access to capital for businesses that need financing up to $500,000. Businesses can apply for a line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas. For example, identifying a new overseas customer should an export sale be lost due to COVID-19.
  • Export Working Capital loans enable small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million. Businesses could use a loan to obtain or retain overseas customers by offering attractive payment terms.
  • International Trade loans help small businesses engaged in international trade retool or expand to better compete and react to changing business conditions. They can also help exporting firms expand their sales to new markets or to re-shore operations back to the United States.

More information and assistance with international sales is available from our Office of International Trade.

Government contracting

SBA is focused on assisting with the continuity of operations for small business contracting programs and small businesses with federal contracts. SBA has issued special guidance for federal small business contractors impacted by COVID-19.

If a situation occurs that will prevent small businesses with government contracts from successfully performing their contract, they should reach out to their contracting officer and seek to obtain extensions before they receive cure notices or threats of termination. SBA’s Procurement Center Representatives can assist affected small businesses to engage with their contracting officer. Use the Procurement Center Representative Directory to connect with the representative nearest you.

If your small business is currently not working on any government contracts, and is interested in competing for them, SBA offers the following certifications:

  • 8(a) Business Development program serves to help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, and the government limits competition for certain contracts to businesses that participate. The 8(a) program offer and acceptance process is available nationwide, and the SBA continues to work with federal agencies to ensure maximum practicable opportunity to small businesses. 8(a) program participants should stay in touch with their Business Opportunity Specialist.
  • HUBZone program offers eligibility assistance every Thursday from 2:00-3:00 p.m. ET at 1-202-765-1264; access code 63068189#.  Members of the HUBZone team answer questions to help firms navigate the certification process. For specific questions regarding an application, please contact the HUBZone Help Desk at hubzone@sba.gov.
  • Women-owned small business firms who have questions are encouraged to learn about the Women-Owned Small Business Federal Contracting program or write to wosb@sba.gov.

Contact SBA

For assistance with SBA programs, please contact us.

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Monmouth County Economic Assistance

The Monmouth County CARES Economic Assistance Grant Program provides financial support up to $10,000 for those qualifying businesses, business owners, and nonprofits that do not exceed $5 million in annual gross revenue and have experienced costly interruptions as a result of the Coronavirus pandemic. A total of $10 million of allocated CARES funding is available. The grant application is available in English and Spanish.

Small business applicants must meet the following eligibility criteria:

  • Physically located in Monmouth County since January 1, 2019 or earlier
  • Negatively impacted by the COVID-19 pandemic
  • $5 million or less in gross revenue
  • 50 or fewer full time equivalent (FTE) employees including the owner as of March 1, 2020

Some categories of businesses, including banking, educational, governmental and medical service providers, are not eligible for the grant program.

Nonprofit applicants must meet the following eligibility criteria:

  • Physically located in Monmouth County since January 1, 2019 or earlier
  • Provides a public service to beneficiaries residing in Monmouth County
  • Negatively impacted by the COVID-19 pandemic
  • Registered with the IRS as a 501(c)3, 501(c)4, 501(c)6 limited to local and regional chambers of commerce, or 501(c)19
  • May be a local affiliate of a larger state or national service organization

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Contact: New Jersey Economic Development Authority
media@njeda.com

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 About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

 

#njbiatogether

https://njbia.org

#NJBIATOGETHER

 

NJBIA - 10 West Lafayette Street, Trenton, NJ 08608 - 609-393-7707

#NJBIATOGETHER

NJBIA - 10 West Lafayette Street, Trenton, NJ 08608 - 609-393-7707

                #njbiatogether

               https://njbia.org