CHUCK FORECASTS AN EARLY SPRING!
STATEN ISLAND, NY - The results are in!

Staten Island Chuck called for an early spring Tuesday during a Groundhog Day ceremony at the Staten Island Zoo in West Brighton.

Shortly after 8 a.m., Chuck -- aka Charles G. Hogg -- crawled out of his burrow in search of his shadow, but to no avail. As tradition goes, if the groundhog sees its shadow, there will be six more weeks of winter. If not, an early spring is on the way.

SMALL BIZ EMERGENCY LOANS OPEN ON 2/10!
NJEDA Announces Second Phase of Small Biz Emergency Assistance Loan Program

Authority Will Open Program Pre-Registration on February 10, 2021, at 9 am EST.  

TRENTON, NJ - The New Jersey Economic Development Authority (NJEDA) today announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9 am on Wednesday, February 10, 2021. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic and will be capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation. Any business or entity that intends to apply for a loan must first pre-register during this pre-registration period, which will run from 9 am on February 10, 2021 to 5 pm on February 22, 2021.
The second phase of the Small Business Emergency Assistant Loan Program will make up to $100,000 in low-cost financing available to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase personal protective equipment (PPE) or COVID-related inventory, furniture, fixtures, or equipment.
Program applications will be reviewed on a first-come, first served basis, with priority given to applicants that have received no greater than $10,000 in government assistance from any federal, state or local (county/municipal) assistance program.
Most eligible businesses will be able to apply for up to $100,000, but if a business was approved for a loan under Phase 1 of the Small Business Emergency Assistance Loan Program, it will be eligible under Phase 2 only for an amount that will not exceed $100,000 in the aggregate of the two phases. To promote equity, $3.5 million of the funding will be reserved for businesses in Opportunity Zone-eligible census tracts.
Applicants MUST pre-register in order to apply for the Small Business Emergency Assistance Loan Program on the New Jersey COVID Business Information Portal. Only entities that pre-register will then be able to access the program application beginning 9 am on February 24, 2021. The order in which final applications are received may affect funding availability, as referenced above.
To be eligible for financing through Phase 2 of the Small Business Emergency Assistance Loan Program, small businesses and non-profit organizations must be in existence and in operation from at least February 24, 2020, have $5 million or less in annual revenue, and have a physical commercial location in New Jersey. They also must be able to describe how they were negatively impacted by the COVID-19 outbreak. Home-based businesses and real estate holding companies are among the entities that are not eligible for financing under this program.
In line with the terms of Phase 1 of the program, Phase 2 loans will have ten-year terms with zero percent interest for the first five years, then resetting to the NJEDA’s prevailing floor rate for the remaining five years, with a three percent cap.
NJBAC UPDATE

Office of Business Advocacy

The New Jersey Business Action Center’s (NJBAC) Business Advocates are the outreach team to businesses in every town in the State and is dedicated to revitalizing and expanding New Jersey’s business community. Beyond its numerous contacts on the state level, the Business Advocates have excellent working relationships with county and local government entities throughout New Jersey.

NJCCIC UPDATE

Global Operation Takes Down Emotet Infrastructure, Will Deliver Update to Remove Malware From Devices

Europol and the FBI, among other agencies, took control of the infrastructure behind Emotet, the largest and most prolific malware botnet. Emotet has been used by cybercriminals in major cyberattacks over the last several years, most notably in ransomware incidents. Dutch law enforcement officials will distribute an update to Emotet on March 25, 2021 that removes the malware from all infected devices. Once the update is delivered, organizations will be able to locate and remediate infected devices. Europol provides additional details in their press release.

NJCC UPDATE
Update for NJ Businesses from the NJ Chamber of Commerce

Unemployment Claims in New Jersey Held Steady Last Week

16,618 people applied for benefits last week, the state Labor Department said. It has paid out nearly $22 billion in state and federal unemployment benefits during the pandemic, with the average worker getting about $15,000. The state’s unemployment rate fell from 10.2% to 7.6% in December, which the Labor Department attributed not to job gains but to workers leaving the workforce. (nj.com) 

Have More Questions? Ask Ed!

Ed Ramirez
Director of Business Resources & Professional Development
Morris County Chamber + Economic Development Corp.
​​​eramirez@morriscountyedc.org | 973.539.8270

Ed will answer questions, connect you to business resources and refer you to members who can provide services you need.

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