The USSBA has approved New Jersey for SBA lending programs for the current crisis and will be opening up their website for new applications!
Applicants may apply online, receive additional disaster assistance information, and download applications at: https://disasterloan.sba.gov/ela/Information/Index
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email https://www.sba.gov/offices/disaster/dacsc for more information on SBA disaster assistance.
Additional funding for business has been approved by the US Congress. Once we learn about the programs we will notify the Passaic County business community immediately.
New federal legislation and appropriations has opened up the possibility for small businesses to receive assistance for economic loss due to COVID-19. Details of eligibility and administration of this assistance from SBA are still being addressed by the USSBA. However, some information from the traditional SBA Economic Injury Disaster Loan (EIDL) program may still apply for COVID-19. As a courtesy, we have included some information from the existing EIDL program. Please refer to the SBA’s coronavirus website https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources for up-to-date information on SBA assistance.
The USSBA Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
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. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%