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Breaking News for the Business Community

BREAKING NEWS FOR THE BUSINESS COMMUNITY

September 8, 2020
Passaic County, New Jersey
 


US Small Business Administration Clarifies PPP loan forgiveness in webinar
 
The PowerPoint from the USSBA sponsored webinar “Ask the Regulators: Basics of PPP Loan Forgiveness and the SBA PPP Loan Forgiveness Platform 3PM” can be viewed at: https://www.webcaster4.com/Webcast/Page/583/36977


Indoor Dining

Which businesses may be open and what guidelines must be followed?
 
Bars and restaurants are open for drive-through, delivery takeout, and outdoor dining, while following Department of Health Guidance for Bars and Restaurants [PDF] and Department of Health Protocols for Outdoor Dining [PDF] . Indoor dining is not allowed. Restaurants may offer in-person dining service in areas with a fixed roof if two sides are open, comprising over 50% of their total wall space; under Executive Order 163 , these areas are considered outdoor. Beginning Friday, September 4, restaurants may resume indoor dining at 25% capacity and with social distancing between tables; additional details on health and safety guidelines will be posted here when available. 


“Best Practices for Re-Opening Retail and Restaurants”
 
WEBINAR
 
September 10, 2020 at 4:30 pm
 
 
Nancy Barberry, Brookfield Properties, Willowbrook Mall, Wayne, NJ
 
Christina Fuentes, Director of Small Business Services
New Jersey Economic Development Authority (NJEDA)
 
Kathleen Muldoon, Executive Director, William Paterson University Small Business Development Center
 
Marilou Halvorsen, President, NJ Restaurant and Hospitality Association 
 
Sponsored by:
 
Passaic County Board of Chosen Freeholders
Passaic County Blueprint for Recovery Taskforce
William Paterson Small Business Development Center
NJ Economic Development Authority
 
 
Overview of the webinar:
 
Please join us for a frank discussion on the best practices you can utilize to re-open your retail establishment or restaurant. Our panelists will highlight the technical assistance available to your company and share their experience in ensuring that both employees and customers are safe from the COVID-19 virus.
 
We will briefly review guidance provided by the International Council of Shopping Centers and the National Restaurant Association.
 
This webinar is free and no pre-registration is necessary.
 
For additional information, please contact the Passaic County Division of Economic Development: 973-569-4720 or ecodev@passaiccountynj.org.


Passaic County Debuts Blueprint for Recovery Taskforcefor Passaic County Businesses
 
Passaic County has formed a “Blueprint for Recovery” Taskforce focusing on the development of programs to assist the business community emerge from the economic challenges that the country is experiencing. One effort, is focused in working directly with company leaders as they innovate to survive the new normal. 
 
This new program links companies on a conference call with a local, well established company president. Companies share best practices and creative ideas in an effort to improve their company’s business operations. 
 
This program is offered by the County of Passaic in partnership with William Paterson University Small Business Development Center. One hour sessions are scheduled for Wednesday mornings from 9 am to 10 am and 10 am to 11 am. Please contact Deborah Hoffman, 973-569-4720 or deborahh@passaiccountynj.org to schedule your session. Sessions will begin on August 5, 2020!


NJEDA Small and Micro Business PPE Access Program
Source: Business.NJ.gov
Douglas Yorke   dyorke@njeda.com
 
On August 11, 2020, NJEDA announced the first phase of the New Jersey Small and Micro Business PPE Access Program, designed to ensure that the State’s small businesses and non-profits have access to the fairly-priced personal protective equipment (PPE) necessary to facilitate safe working conditions during the COVID-19 pandemic. More information can be found at covid19.nj.gov/ppeaccess.
 
The State will soon launch a new website that provides micro and small businesses with the information needed to make easier and better PPE sourcing decision. The website will also offer a vetted list of online retailers that have agreed to verify the quality of the PPE they are selling and offer at least a 10% discount to businesses who enter through the State’s website. Online retailers will be vetted on a first-come, first serve basis by the NJEDA, and must agree to certain performance standards for their site (e.g., transparent pricing, high-quality products, etc.). Vetted online retailers will also be eligible to access an NJDEA grant pool of up to $3.5M to support the purchase of PPE that is manufactured in New Jersey or sourced from a small wholesaler based in a historically underserved community.

Assuming the first phase of the program is successful, the NJEDA intends to expand the program with $11M of support for micro and small businesses PPE purchases.
 
Applications for the online retailers to participate in the program are expected to launch as soon as possible. The public facing website, including small business decision-making tools and vetted discounted retailers will follow by early-to-mid December.
 
More information can be found atcovid19.nj.gov/ppeaccess.
 
PPE Inventory Reporting and Donations
Businesses may use the reporting form at covid19.nj.gov/ppereportto offer to donate PPE for use by health care workers and first responders on the front lines.
 
The State of New Jersey has assembled aPPE Supplier Registry Public Listing.
The information about the vendors and products in this listing was volunteered by the vendors, compiled by the State, and is provided for the express purpose of assisting private businesses and organizations in New Jersey access potential suppliers for PPE and other COVID-related goods and services. Any other use of this information is prohibited.
 
All parties are strongly advised to exercise due diligence when selecting vendors and are responsible for ensuring the quality and regulatory compliance of all good/services purchased.
 
Please ensure you are following your organization’s policies and practices concerning vendor capability and responsibility to ensure that you are making a safe purchase.


BAC
We have an updated updated link for the NJ Business Action Center and the launch of the state's new business portal at business.nj.gov.

The following links provide updates to policies and guidelines, safety recommendations, and business resources.

Quick Resources
 
Federal Resources
 
Additional Resources
 
Source: Melanie Willoughby
Executive Director, NJBAC


Update on Utility Payments During Pandemic
 
The State’s public water, gas, and electric utility companies regulated by the Board of Public Utilities (BPU) have all agreed to extend their voluntary moratorium preventing shutoffs to both residential and commercial customers during the COVID-19 pandemic until October 15, 2020. Additionally, the utilities will offer residential and commercial customers a flexible and extended Deferred Payment Agreement (DPA) of at least 12 months and up to 24 months.
 
Read More


SBA Lowers Interest Rates for 504 Loan Program
 
The U.S. Small Business Administration announced updated interest rates for its 504 Loan Program offered by Certified Development Companies (CDC), allowing small businesses to apply for the lowest interest rates since July 2018, by offering 20 and 25-year interest rates at 2.214% and 2.269%, respectively. The program is ideal for small businesses looking for additional information on how to expand their business’s real estate or improve their working capital.
 
View Fact Sheet


504 Loan Program ARE YOU LOOKING TO EXPAND, REPLACE AND/OR PURCHASE REAL ESTATE OR HEAVY EQUIPMENT FOR YOUR SMALL BUSINESS?
 
Expand Your Possibilities The U.S. Small Business Administration 504 Certified Development Company Loan program conserves your working capital by requiring only a 10 percent borrower contribution.* If you do not qualify for conventional financing, the SBA-backed 504 loan may be right for you.
 
Certified Development Companies (CDCs) are nonprofit corporations that promote economic development within their communities through 504 loans. The SBA authorizes CDCs to provide financing to small businesses with the help of third-party lenders (typically banks). Maximum SBA loan amount: Loans are generally capped at $5 million. Certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each. Interest rate: Below-market interest rates are fixed for the life of the loan. Required equity: A low down payment (10 percent in most cases) conserves your working capital. Terms: 10, 20 or 25 year terms Use of proceeds: Long-term, fixed assets for expansion or modernization (usually real estate or large equipment). Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible. Need Help? Contact your local SBA district office at sba.gov/tools/local-assistance.
 
All SBA Programs and services are extended to the public on a nondiscriminatory basis. mcs-0097 (10/2018)
 
How it Works
 
The CDC will coordinate and structure the financing package between the parties. The 504 loan consists of a conventional first mortgage, typically for 50 percent of the project cost, from a third-party lender. The SBA -backed portion of the 504 loan will be a second mortgage, financing up to 40 percent of eligible project costs. The remaining 10 percent will be your small business owner contribution. Under certain circumstances, you may be required to contribute up to 20 percent of the total project cost.*
 
* Startup and special-purpose properties may require an additional contribution from the borrower.
 
Expand Your Possibilities The U.S. Small Business Administration 504 Certified Development Company Loan program conserves your working capital by requiring only a 10 percent borrower contribution.* If you do not qualify for conventional financing, the SBA-backed 504 loan may be right for you.
 
Certified Development Companies (CDCs) are nonprofit corporations that promote economic development within their communities through 504 loans. The SBA authorizes CDCs to provide financing to small businesses with the help of third-party lenders (typically banks). Maximum SBA loan amount: Loans are generally capped at $5 million. Certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each. Interest rate: Below-market interest rates are fixed for the life of the loan. Required equity: A low down payment (10 percent in most cases) conserves your working capital. Terms: 10, 20 or 25 year terms Use of proceeds: Long-term, fixed assets for expansion or modernization (usually real estate or large equipment). Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible. Need Help? Contact your local SBA district office at sba.gov/tools/local-assistance.
 
All SBA Programs and services are extended to the public on a nondiscriminatory basis. mcs-0097 (10/2018)
 
Source: Melanie Willoughby
Executive Director, NJBAC