Background On March 27, 2020, President Trump signed the "Coronavirus Aid, Relief, and Economic Security Act" (CARES ACT). The law includes a lending program for small business and targeted relief for hard-hit industries impacted by the COVID-19 national emergency. A summary of the legislation follows. Summary The law includes a $350 billion package that would…
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NJEDA Providing Loans and Grants to Small Businesses Impacted by COVID-19
NJEDA just announced a modest loan and grant program for NJ small businesses and investors impacted by COVID-19. Among other programs, qualifying small businesses with revenue under $5mm could receive $100K low-interest loans (actually interest free for first 5 years) depending on the nature of detrimental impacts from the pandemic. The programs also provide guarantees…
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SBA Loans for Small Businesses Impacted by Coronavirus (COVID-19)
SBA Loans for Small Businesses Impacted by Coronavirus (COVID-19) Economic Injury Disaster Loans The Small Business Administration (“SBA”) provides low interest Economic Injury Disaster Loans up to $2 million to help small businesses recover from declared disasters, including coronavirus (COVID-19). Many states have received an Economic Injury Disaster Loan declaration including New York, New Jersey,…
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Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S.3548) Small Business Support The bill includes a $350 billion package, which would expand the existing SBA Section 7(a) loan program to provide loans of up to $10 million for qualifying small businesses, along with an opportunity for future loan forgiveness. Eligibility for these small business…
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