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Business Recovery Center - COVID-19
Trenton Business Emergency Loan Program
In response to the COVID-19 crisis, the City of Trenton seeks to provide low-interest loans to Trenton businesses to help them remain in business and protect jobs. The UEZ loan fund is restricted to Trenton businesses located within the Urban Enterprise Zone. Recognizing that there are Trenton businesses located outside of the UEZ that are in need of assistance, the City partnered with Greater Trenton to create The Business Helping Business Loan Fund. There is a single application process for both funds, and the terms of the loans in each fund are identical. | |
Trenton Job Creation Loan Program
In response to the rise in unemployment brought on by the COVID-19 crisis, the City of Trenton seeks to provide low-interest loans from our revolving loan fund to existing and prospective Trenton businesses to help them hire more employees. While providing some benefit to businesses in the form of the possibility of forgiveness a portion of the loan, the intent is to have loan dollars recycled to assist future businesses. This revolving loan fund is a 50% matching loan at 3% interest, with a maximum loan amount up to $250,000. | |
If you have any questions, please contact Eric Maywar at emaywar@trentonnj.org.
Business Recovery Resources
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Eligible for Unemployment?
If you are a business owner, information regarding unemployment insurance eligibility can be found at NJDOL's Information for Corporate Officers & Business Owners.
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Emergency Assistance Eligibility Wizard
The NJEDA wants to make it easy for organizations to understand what support programs are available to you. The Eligibility Wizard focuses on newly announced State Emergency Assistance programs and the SBA disaster loan program.
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Garden State Relief Fund
New Jersey Community Capital is pleased to launch the Garden State Relief Fund to meet the immediate needs of small businesses and nonprofits critically affected by the COVID-19 pandemic.
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IRS: Employee Retention Credit
The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
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IRS: Federal Income Tax Deadline
The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak.
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IRS: Paid Leave for Workers & Tax Credits
The Act will help businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.
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IRS: Relief from Penalty
The purpose of this notice is to provide penalty relief with respect to certain employers’ deposits of Federal employment taxes with the Internal Revenue Service of the Employment Taxes and Collection of Income Tax at Source Regulation.
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Need Help Applying for Federal or State Programs?
The Emergency Technical Assistance Program is a $150,000 program that will support technical assistance to New Jersey-based companies applying for U.S. Small Business Administration (SBS) or State programs.
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NJEDA: CDFI Loan to Lender Program
The New Jersey Economic Development Authority (NJEDA) is partnering with Community Development Financial Institutions (CDFIs), who routinely work with micro-enterprises and small businesses not qualified for traditional bank financing.
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NJEDA: Entrepreneur Guarantee Program
The NJ Entrepreneurship Guarantee Program is a $5 million program that encourages investment by encouraging private sector investors to provide additional working capital loans to NJ-based entrepreneurial businesses in which the investor is already an equity holder.
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NJEDA: Small Business Emergency Assistance
The Small Business Emergency Assistance Program is a $10 million pilot program that makes available one-year first loss guarantees of permanent working capital loans and lines of credit originated by Premier Lender banks.
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Paid Leave Requirements for Workers
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from the effective date through December 31, 2020.
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SBA: Counseling & Training
If you, like many small business owners, need a business counselor to help guide you through this uncertain time, you can turn to your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter.
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SBA: Debt Relief Program
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program: - The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. - The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
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SBA: Economic Injury Disaster Loan Assistance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
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SBA: Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
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SBA: Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
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Self-Employed NJ Workers
Assistance is available to self-employed workers, independent contractors, gig and platform workers who are impacted by COVID-19 through Pandemic Unemployment Assistance (PUA) and possibly the Families First Coronavirus Response Act (FFCRA).
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Workplace Safety & COVID-19
This webpage provides information for workers and employers about the evolving coronavirus outbreak. The information includes links to interim guidance and other resources for preventing exposures to, and infection with, the novel coronavirus—now officially named COVID-19.
News
- Goldman Sachs Commits $10 million in loans for small businesses in New Jersey
- UEZ April 2020 Monthly Report
- UEZ May 2020 Monthly Report
- UEZ June 2020 Monthly Report
- UEZ July 2020 Monthly Report
- UEZ August 2020 Monthly Report
- UEZ September 2020 Monthly Report
- UEZ November 2020 Monthly Report
- UEZ December 2020 Monthly Report
- UEZ January 2021 Monthly Report
- UEZ March 2021 Monthly Report
- UEZ April 2021 Monthly Report
- What is the Trenton Small Business Emergency Relief Fund?
- I have heard that businesses need to be in a certain zone to qualify. Is this true?
- Where is the Urban Enterprise Zone? How do I know if I am in it?
- Is my business eligible for the Trenton Small Business Emergency Relief Fund?
- What are the terms of the loan?
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Eric Maywar
Economic Development SpecialistPhone: 609-989-3529
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Tom McGough
UEZ CoordinatorPhone: 609-989-3508