COVID-19: NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJEDA) WILL OPEN APPLICATIONS FOR ITS SMALL BUSINESS EMERGENCY ASSISTANCE GRANT PROGRAM (EMERGENCY GRANT PROGRAM) ON APRIL 3, 2020
FIRST COME, FIRST SERVED: APPLICATIONS CLOSE APRIL 10, 2020
LIMITED TO NJ SMALL BUSINESSES WITH 1 – 10 FULL TIME EQUIVALENT EMPLOYEES (FTEEs)
At BMK, we are keenly aware that many of our small- and middle-market business clients are experiencing cash shortfalls and need an urgent infusion of capital to weather the COVID-19 crisis. While a major federal relief bill was just passed by the Senate and House, accessing funding through government channels may not be sufficient nor is it an expedient solution.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides aid to independent contractors and self-employed individuals, in addition to providing aid to businesses.
The Paycheck Protection Program (the “PPP”) is one of the loan programs administered by the Small Business Administration (the “SBA”) that will be available to small businesses as a result of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”).
In connection with the SBA’s EIDL Program, a borrower applying for an EIDL loan can request an advance on the loan of up to $10,000 to be used for authorized costs (such as paid sick leave, payroll, rent and increased supply chain costs).
Several of our landlord clients have been approached by tenants (retail and office) seeking rent relief in various forms due to the COVID-19 crisis. The requests have come from a broad range of tenants — from small business owners to large corporations.
By LD Friedland, Managing Director, Wombat Capital Markets, LLC
As an investment banking professional who has worked with companies and investors in the medical device industry for the last 25 years, I have witnessed a number of seminal events that have had a dramatic impact on financial markets and on the medical device industry in particular. Not surprisingly, the global impact we are currently experiencing due to the COVID-19 pandemic is unprecedented.
On March 26, 2020, the New Jersey Economic Development Authority (NJEDA) initiated numerous programs aimed at helping New Jersey businesses weather the COVID-19 crisis.
The CARES Act, which became the law on March 27, 2020, includes the Paycheck Protection Program (PPP), which is a new loan program created under Section 7(a) of the Small Business Act. The PPP covers the period February 15, 2020 through June 30, 2020 and is a vital lifeline for small businesses suffering the negative economic impact of the COVID-19 pandemic.