How to get Financial Assistance if impacted by COVID-19

Supporting Our Small Business Community

The Small Business Development Center at NJCU is here to Help!

As our community feels the effect of the COVID-19’s state of emergency, we would like to remind you that our office is working hard to help our small business owners during COVID-19 which in-turn supports countless employees. 

SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

The Applicant understands that the SBA is relying upon the self-certifications contained in this application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts. You are not required to respond to this collection of information unless it displays a currently valid OMB approval number.

For no-cost assistance with the application process:

• If your business is in Hudson County, NJ register here: sbdchudsoncounty.com/requestcounseling
• Already registered with the Hudson County SBDC, Email us at: sbdc@njcu.edu
• Outside of Hudson County, NJ? Find your local NJ center here
• SBA Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339) & DisasterCustomerService@sba.gov.

ELIGIBILITY

To be eligible for SBA Disaster Loan Assistance you must:

Meet at least one of the following to be eligible:

• Applicant is a business with not more than 500 employees.
• Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.
• Applicant is a cooperative with not more than 500 employees.
• Applicant is an Employee Stock Ownership Plan (ESOP), as defined in 15 U.S.C. 632, with not more than 500 employees.
• Applicant is a tribal small business concern, as described in 15 U.S.C. 657a(b)(2)(C), with not more than 500 employees.
• Applicant is a business, including an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative, that is small under SBA Size Standards found at https://www.sba.gov/size-standards.
• Applicant is a business with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards.
• Applicant is a private non-profit organization that is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization.

Meet ALL of the following to be eligible:

• Applicant is not engaged in any illegal activity (as defined by Federal guidelines).
• No principal of the Applicant with a 50 percent or greater ownership interest is more than sixty (60) days delinquent on child support obligations.
• Applicant is not an agricultural enterprise (e.g., farm), other than an aquaculture enterprise, agricultural cooperative, or nursery.
• Applicant does not present live performances of a prurient sexual nature or derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature.
• Applicant does not derive more than one-third of gross annual revenue from legal gambling activities.
• Applicant is not in the business of lobbying.
• Applicant cannot be a state, local, or municipal government entity and cannot be a member of Congress.

Supporting Documents:

• The Small Business Owner’s Guide to the CARES Act
• CARES Flow Chart
• National Law Review of Care’s Act

Our community is strong and supportive, and our office is here Helping Businesses Grow & Succeed.