Insights

NJ Small Businesses Eligible for Federal Aid to Cover COVID-19 Losses

Disaster Loans Available for NJ Small Businesses

Governor Murphy's office has announced that the U.S. Small Business Administration (SBA) approved New Jersey's application for “disaster” status, opening the door for businesses across the state to apply for federal disaster loans of up to $2 million each. This status was determined by the level of inevitable losses businesses will suffer as a result of the COVID-19 outbreak.

Known as Economic Injury Disaster Loans (EIDL), this assistance is available to both for-profits and nonprofits and is provided with low interest rates and long-term repayment options up to 30 years.

Small businesses that have been severely impacted as a result of the pandemic can apply and learn more here.

For more information on your business's eligibility for federal aid due to Coronavirus-related losses, please contact your Grassi advisor or Michael Hochman, NJ Office Market Leader, at MHochman@grassicpas.com.

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