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Around the Chamber

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SBA Offers Disaster Assistance to NJ Small BusinessesEconomically Impacted by the Coronavirus (COVID-19)

3/19/2020

 
​Contact: Michael Lampton, (404) 331-0333, Michael.Lampton@sba.gov
 
ATLANTA,  March 19, 2020– The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to New Jersey small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced yesterday evening. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Philip D. Murphy on March 17, 2020.
The disaster declaration makes SBA assistance available in the entire state of New Jersey; and the contiguous counties of New Castle in Delaware; Bronx, New York, Orange, Rockland and Westchester in New York and Bucks, Delaware, Monroe, Northampton, Philadelphia and Pike in Pennsylvania.
 
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist New Jersey small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.
 
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
 
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.
 
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
 
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
 
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.
 
The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.
 
For more information about Coronavirus, please visit: Coronavirus.gov.
 
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.

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©2023 Morris County Chamber of Commerce  |  A 501(c)(6) nonprofit membership organization
  • JOIN
    • Become a Member
    • Premier Membership
    • Membership Inquiry
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • New Member Survey
  • About
    • Chamber Team
    • Our Mission
    • Our President
    • Board of Directors
    • Morris Business Cabinet
    • President's Circle
    • Ambassadors Council
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Business Development Forum
      • Business Strategy Exchange
      • Health & Wellness Forum
      • Human Resources Committee
      • Not For Profit Roundtable >
        • Nonprofit Donations
      • Real Estate Forum
      • Sustainability Forum
      • Tech Trends
      • Women in Business Program
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      • Monthly Agenda Submission Form
    • Code of Conduct & COVID Policy
  • Membership
    • Member Benefits
    • Member to Member Deals
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    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
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    • Signature Events & Programs
    • NFP Nominations 2023
    • Not For Profit Conference Scholarship App
    • Golf Committee Volunteers
    • Golf Donations 2023
    • Submit an Event Idea
  • Directory
    • Searchable Business Directory
    • Member Spotlights
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Legal Resources >
      • Employment Law
      • Commercial Services
      • Business Representation
      • General Legal
    • Enhance Your Directory Listing
  • News & Info
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      • Around the Chamber Archive
      • Submit a Press Release
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    • MCTV Let's Talk
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  • Programs
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