COVID-19 Economic Stimulus Fund Resource List
Business owners, here is Downtown Cranford’s list of the core available Stimulus Funds. The list will be organized by source, type of funding (grant, loan), funding available per business, how to apply, and start date of application. As more information becomes available, this list will be continually updated. We will inform business owners when there are updates.
NJ.gov developed an Emergency Assistance Eligibility Wizard – It’s an interactive questionnaire to determine what stimulus funds your business are eligible and most appropriate for your business. I suggest you start here.
I highly recommend applying to any available funds ASAP. Also, please talk to your banking institution, as they can most likely assist and direct you to available funds and how to apply. A local contact for any of the information below can be:
Federal Funds / Coronavirus Aid, Relief, and Economic Security Act (CARES)
1. Paycheck Protection Program - $350 billion (b) – Application Process begins April 3rd
- Paycheck Protection Program Weblink (on information and how to apply)
- Loan of up to $10 million (m). Two-year maturity. Interest rate 0.5%.
- **Loan will be fully forgivable if the funds are used for payroll costs, interest on mortgages, rent and utilities and on the employer maintaining or quickly rehiring employees and maintaining salary level.
- Loan payments will be be deferred for six months.
- How to apply – Through an SBA lender (you can’t do online) – Talk to your bank.
2. Economic Injury Disaster Loans (EIDL) - $10 b – Application Process Open
- EIDL Link to apply
- Loan of up to $10k
- Interest from 2-4%
NJ State Funds – Economic Development Authority (EDA)
1. Small Business Emergency Assistance Grant – $5 m – Application Process begins April 3rd
2. Small Business Emergency Assistance Loan Program – 10 m – Application TBD
- Loan up to $100k
- 10 Year term
- Low interest / 0% interest (years 1-5) – 3% cap (years 6-10)
|Downtown Cranford Update - April 10||266.01 KB|
|Applying for SBA Disaster Loans||396.52 KB|
|Small Business Provisions in Coronavirus Aid, Relief, and Economic Security Act||599.3 KB|
|The Small Business Owners Guide to the CARES Act||700.64 KB|
|NJEDA Covid-19 Economic Relief Package||321.41 KB|
|NJEDA Economic Relief Package||3.33 MB|