The CARES Act: Relief for Small Businesses in NJ
As the coronavirus pandemic sweeps through the nation, more employees are being told to stay at home until the crisis passes. Staying at home poses a lot of problems for the average American because no work means no pay.
Lawmakers are aware of this issue. That’s why they’ve come together to pass the CARES act. This unprecedented legislation allocates over $350 billion in paycheck protection loans for small businesses. The goal of this program is to help small businesses keep paying their employees through this tough time. Learn everything you need to know about the CARES act and how it impacts businesses in New Jersey below.
What’s the Federal Paycheck Protection Program in NJ?
The paycheck protection program was passed as part of the coronavirus relief bill, which was recently signed by President Trump. The law specifies that small businesses in New Jersey can now apply for a loan to help them through this time. According to the bill, the business’s loan will be forgiven so long as they meet the following conditions:
- The business keeps all its employees on the payroll for eight weeks
- The loan is used to for payroll, mortgage interest, rent or utilities
Are you interested in applying for an emergency relief loan to help you through the coronavirus crisis? If you’re eligible, then you can apply through participating SBA 7(a) lenders, a federally insured credit union, Farm Credit System or a federally insured depository. Other lenders are enrolling in the program, so there will be more eligible lenders once they get approved.
Tools for the Road Ahead
The paycheck protection program isn’t the only tool small businesses can utilize during this time. Here are a few other programs that you may be eligible for:
SBA debt relief
- Economic injury disaster loan emergency advance
- SBA express bridge loans
Contact an Experienced Cherry Hill Lawyer About the CARES Act in NJ Today
Are you attempting to apply for some financial relief? Keep in mind that all applications will get reviewed on a first-come, first-serve basis. That means the longer it takes you to apply, the longer it will take for your financial relief to get approved and sent to your business. If you need help applying, then our office can help. Contact Gelman Law, LLC for a consultation. We are available via phone at 856-474-1450 or through our online contact form.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.