Dear NJSBDC clients,
We know you are struggling with the recent events happening across the country concerning the Coronavirus, especially for your business and families. We have been requested to reach out to our clients and evaluate their current situation as it relates to the Coronavirus and their economic needs. SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
A declaration must be made for designated areas within the state before the Economic Injury Disaster Loan can be obtained. You must also pay attention to the statement above “businesses with credit available elsewhere are not eligible.”
Help us help you by completing these questions so we can assist in taking the first step with a state declaration.
We know these are difficult times and we are in uncharted waters currently, but we will get through this and know that the NJSBDC at Brookdale Community College is here to assist. We are currently conducting all services virtually. If you have any questions or require a counseling session, do contact us via phone at 732-842-8685 or email us at mosbdc@brookdalecc.edu.
