NEW JERSEY — U.S. Congressman Josh Gottheimer (NJ-5) this week updated North Jersey small businesses owners on the new COVID-19 relief programs, how to apply for the newly available Paycheck Protection Program (PPP) loans, information on loan forgiveness, and how they can secure federal investment to help keep their businesses open and their workers paid.
“After nine months, Congress finally passed a bipartisan COVID-19 emergency relief package, which was recently signed into law by the president. A key part of that, which I’ve been fighting for months, is a new round of forgivable loans from the Paycheck Protection Program,” Gottheimer said. “Small businesses are the backbone of the North Jersey community and I will continue my work in protecting our businesses and the vital jobs they provide, while also making sure our families stay safe.”
The latest bipartisan bill COVID-19 relief bill, which has been signed into law, provides the following resources for small businesses:
- Of the $900 billion in the new emergency COVID-19 relief bill, $325 billion in federal investment supports small businesses, including $284 billion directed to the Paycheck Protection Program (PPP).
- If your small business has experienced a 25% drop in revenue compared to before the pandemic, you could now qualify for a second round of PPP loans through your bank.
- Small businesses can qualify if they have fewer than 300 employees and if the business was operating before February 2020.
- The new round of PPP loans are tax-deductible and small businesses can apply even if they have previously applied and received a PPP loan from the first round.
- Small businesses in Census-designated low-income communities who have fewer than 300 employees and have seen a 30% reduction in revenue may be eligible for EIDL Targeted Advance grants up to $10,000 through the SBA.
For more information on how to apply for a PPP loan, click here.