IN THE NEWS...
NJ REOPENING UPDATES
June 22 – Hair Salons and Barber Shops May Reopen
June 29 – Tentative behind-the-wheel road tests, and issuing of new licenses and permits
July 6 – Youth Summer Programs
PAYCHECK PROTECTION PROGRAM (PPP)
- Expands the timeframe to use the loan from 8 weeks to 24 weeks;
- Reduces the 75/25 rule on payroll costs to 60/40; and
- Extends the deadline to rehire laid-off workers from June 30 to December 31, 2020.
You can still apply for PPP; there is still money available through the program and you may benefit from program modifications.
SMALL BUSINESS GRANT PROGRAM PHASE 2
The NJ EDA has a new Small Business Assistance Grant Program.
Here are the biggest takeaways:
- The application process starts today at 9am. It is first-come, first-served.
- The eligibility requirements have been expanded from the original program to include all NAICS codes, and sole proprietors and home-based companies are also eligible.
- The application will take about 25-30 minutes to complete. It cannot be saved for someone to come back to it, so be prepared to fill it out in one sitting.
For more information:
