Government Relief

Government Relief for New Jersey Businesses

Serving Business Owners Impacted by COVID-19

M. Ross & Associates, LLC knows that many business owners are currently struggling to make it through the COVID-19 outbreak. From cutting back on essential expenses to CEOs forgoing their own salary in hopes that things will soon get back to normal, business owners throughout New Jersey are sacrificing everything they possibly can to protect the future of their companies and employees.

Our lawyers have been helping business owners protect their best interests for years, and even in these uncertain times, we are still here to provide top-notch legal services and counsel to our clients. There are various federal and state loans and grants being made available to assist your business. What option is best for your business and what requirements are needed? We can guide you on the government relief packages available and assist with all legal forms and submissions.

Types of Relief Funds for Businesses

Talk to our team to learn about these resources and other ways to help your business obtain financial support to manage this crisis:

Paycheck Protection Program: This program authorizes up to $349 billion to go towards helping small business owners with job retention and certain other expenses. Small businesses, eligible nonprofit organizations, Veterans organizations, Tribal businesses, self-employed individuals, and independent contractors can seek a loan up to $10 million. The amount of the loan is determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments under the Paycheck Protection Program will be deferred for six months.
Economic Injury Disaster Loan Advance: Small business owners in all 50 U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan advance. The maximum amount of this type of loan is $10,000. It is intended to provide economic relief to businesses experiencing a temporary loss of revenue from the pandemic. An Economic Injury Disaster Loan advance doesn’t have to be repaid.

SBA Debt Relief: This program provides a reprieve to small businesses to aid in overcoming the challenges created by the COVID-19 crisis. The U.S. Small Business Administration will also pay the principal and interest of new 7(a) loans issued before September 27, 2020, as well as the principal and interest of current 7(a) loans for a period of six months.
SBA Express Bridge Loans: If you already have a business relationship with an SBA Express Lender, then you can apply for the Express Bridge Loan Pilot Program. Business owners who qualify for this program can get a loan for up to $25,000 with less paperwork. An SBA Express Bridge loan can be used to cover expenses while you are applying for a direct SBA Economic Injury Disaster loan.

Helping Business Owners Overcome COVID-19 Challenges

If your business needs financing to overcome the various obstacles presented by the COVID-19 pandemic, please don’t hesitate to get in touch with our legal team so we can assess your situation and determine which programs you are eligible for.

Call us today at (201) 897-4942 to schedule your consultation with a lawyer at our firm.

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