While you may have heard about the available SBA Economic Injury Disaster Loans (ELDI), other resources are becoming available for small businesses facing hardships due to the COVID-19 pandemic and precautions. The following may be helpful to small businesses and not-for-profits located in Southern New Jersey or Greater Philadelphia.
The New Jersey EDA approved a suite of new initiatives designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
Learn more here→ and at cv.business.nj.gov →
You can also check out the NJ Emergency Assistance Eligibility Wizard at https://assistance.business.nj.gov/ →
The Burlington County Bridge Commission and Burlington County Freeholders are offering small businesses located in Burlington County, NJ with working capital loans for up to $10,000 for each job the employer retains, up to a maximum of $50,000. In addition to covering wages and salaries of employees, the loans can be used to pay for inventories, accounts payable and operational activities. Interest rates are 2.4375%, which is 75% of the prime rate currently set at 3.25%, and have a maximum payback period of 10 years. During the COVID-19 pandemic, the Freeholders will: (1) Expedite the review of loan applications, (2) expedite settlement of loans for eligible applicants, and (3) waive all application fees.
Learn more→
Administered by the Department of Commerce and Philadelphia Industrial Development Corporation (PIDC), the Philadelphia COVID-19 Small Business Relief Fund offers one-time grants or zero-interest loans to Philadelphia small businesses impacted by the COVID-19 pandemic. The Relief Fund includes three programs (and you can apply for all three in one application). A committee reviews all applications on a weekly basis and, after approval and completed paperwork, funds can be available in 1-2 business days.
The Pennsylvania Industrial Development Authority (PIDA) launched a COVID-19 Working Capital Access (CWCA) Program for Pennsylvania for-profit businesses with fewer than 100 employees. Businesses can apply for up to $100,000 to put towards critical working capital financing (which for purposes of this program is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment).
Community Foundation of South Jersey’s South Jersey COVID-19 Response Fund: The CFSJ’s Response Fund will support local 501(c)3 non-profit agencies as they adapt internally and programmatically to assist neighbors and continue to deliver on their missions during this turbulent time. To do so, CFSJ will award a limited number of one-time program support grants to organizations operating in the Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean or Salem counties. The grant amounts are a minimum of $3,000 to 501(c)3 non-profit organizations providing critical services tied directly to the economic security of South Jersey residents.
Learn more→
United Way of Greater Philadelphia and Southern New Jersey’s PHL COVID-19 Fund: Eligible 501(c)(3) nonprofits in Bucks, Chester, Delaware, Montgomery and Philadelphia counties in Pennsylvania and Atlantic, Burlington, Camden, Cape May, Cumberland counties in New Jersey can apply for grants, with amounts calculated based on the organization’s operating budget. Grants will be made on a rolling basis to address the most immediate needs first, keeping in mind that some needs likely will emerge over time.
Learn more→
We’re here for you. Contact an Alloy Silverstein Accountant and Advisor for tax and business guidance during these trying times. Contact us today.
Empowering business owners and individuals in South Jersey and Philadelphia to feel confident through proactive accounting and advisory solutions.