Support For Businesses

The Small Business Administration is offering up to $2 million loans for small businesses and private non-profits. Loans may be used to pay fixed debts, payroll, accounts payable and other bills. The interest rate is up to 3.75 percent for small businesses and 2.75 percent for non-profits. Loan terms are up to 30 years and the SBA will determine an appropriate payment based on the financial condition of the borrower. For more information go to or calling 1-800-659-2955
IRS is offering refundable payroll tax credits for businesses and nonprofits that keep their employees during the health crisis. The credit is equal to 50 percent of quarterly employee wages up to $10,000 per worker. 
Paid leave tax credits are also available for employers providing coronavirus related leave to their employees. The credit gives a 100 percent match for leave given to employees sick with coronavirus, capped at $511 a day for ten days. Employers can also receive credit for providing employees with leave to care for a sick relative or deal with childcare issues, capped at $200 a day for ten days. 
The government will make advanced payments of the tax credit. Companies can also defer some of their payroll taxes to next year to free up cash. More information can be found at 
The federal stimulus bill helps you keep employees on payroll. The Paycheck Protection Program provides eight weeks of cash-flow assistance through federally backed loans to small employers who maintain their payroll during the emergency and do not take the tax credit. 
Any portion of the loan used to cover payroll, interest on mortgage obligations, rent, and utilities may be forgiven. Payments are deferred for six months, fees are waived and there is no prepayment penalty. The program is retroactive to February 15, 2020, and covered expenses incurred until June 30. For more information and an application go to 
  • Non-profits including 501(c)(3) and 501(c)(19) organizations with under 500 employees are eligible. This includes religious institutions and schools gig economy workers.
  • The size of the loans equals up to 250 percent of an employer’s average monthly payroll with a maximum loan amount of $10 million. 
  • Covered payroll costs include salary, wages, payment of cash tips (up to an annual rate of pay of $100,000), employee group health care benefits, including insurance premiums, retirement contributions and covered leave.
  • Loans are expected to be available Friday, April 3rd through existing SBA-certified lenders, FDIC insured institutions, credit unions or financial technology lender that has signed up for the program. 
The New Jersey Economic Development Authority has created a number of programs to help small and medium-sized businesses. To see which state programs you may be eligible for go to or call 609-858-6767Applications will be available before Friday, April 3rd. 
  • Small Business Emergency Assistance Grant Program. Grants up to $5,000 to small businesses to stabilize their operations and reduce the need for layoff or furloughs.
  • Small Business Emergency Assistance Loan Program. Working capital loans up to $100,000 to businesses with less than $5 million in revenues. Loans will be for 10-year terms with zero percent interest for the first 5-year and the prevailing floor rate capped at 3 percent for the remaining 5 years. 
  • Small Business Emergency Assistance Guarantee Program. Provides guarantees on working capital loans and waives fees on loans made through institutions participating in existing EDA lending programs.
  • Emergency Technical Assistance Program. Provides technical support to New Jersey-based companies applying for State and US Small Business Association programs. 
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If you have any trouble with accessing information contained within this website, please contact Dylan Hansen - 201-670-5500 x276 or by email