4.10.2020 Today's Coronavirus News for New Jersey Business

Posted: Friday, April 10, 2020

Today's Coronavirus News for New Jersey Business

The latest information collected by the New Jersey Chamber of Commerce about how the outbreak is affecting New Jersey and your business.


New Business Loans to Become Available this Monday - The N.J. Economic Development Authority (NJEDA) will begin accepting applications for its Small Business Emergency Assistance Loans this Monday, April 13. The $10 million program will provide working capital loans of up to $100,000 to small and mid-size businesses.

The application is posted here.
For more information on the loans, click here.

Demand for Government Aid is High - 32,000 small businesses applied for NJEDA's grants this week. Only 1,250 to 2,000 grants will be awarded. (nj.com)

The Fed Has a Rescue Plan, and It is Big - The central bank plans to buy municipal debt for the first time to the tune of $500 billion. It is targeting short-term debt because states and cities nationwide have seen an alarming drop-off in revenue.(Politico)

Insurers Can't Terminate Coverage - Gov. Phil Murphy ordered certain insurance companies to extend grace periods for customers. A minimum 60-day grace period will be required for health and dental insurance policies, and a minimum 90-day grace period will be required for life insurance and property insurance. For details, click here.

Unemployment Is Soaring - New Jersey workers struggling to file for unemployment won’t lose ‘one penny,’ Gov. Murphy said. (nj.com)

State Budget - Delayed tax-filing deadline for New Jersey is about to become law as state budget is getting ‘crushed.’ (NJ Spotlight)

Webinar Rescheduled for Tuesday, April 14 at 11 a.m. - Join us for a discussion with Al Titone, SBA District Director of New Jersey. Get the latest information about the Small Business Administration’s
Coronavirus Relief Loan Programs, including Paycheck Protection Program loans.

For more information and to register, click here.

Long-Term Care is Hurting - More than 3,380 long-term care facility residents have tested positive for coronavirus, the state says. (nj.com)

Veterans Homes Are Also Struggling - New Jersey's three veterans homes have 58 residents with coronavirus, 14 deaths. Combat medics have been sent to help. (nj.com)

Paterson is Like New York City - Per capita, emergency crews in Paterson are responding to about the same number of calls from residents suffering with symptoms as in New York City. (NJTV News)

Police Departments are Hiring Retired Officers - About 10 percent of police officers in New Jersey are either self-quarantining or ill with COVID-19 on any given day; retired officers can now be hired back to help. (NJ Spotlight)

N.J. Coronavirus Cases - New Jersey Residents
(Source: N.J. Health Department)

Total Deaths: 1,700, up from 1,504 on the previous day.

Confirmed Cases: 51,027, up from 47,437 the previous day.

Hospitalized: 7,570, up from 7,026 the previous day.

On Ventilators: 1,663, up from 1,576 the previous day.

Percentage of State's Ventilators in Use: 59.7 percent.

Testing - There have been about 100,478 coronavirus tests performed on New Jersey residents, of which 51,027 have tested positive, according to the New Jersey Department of Health. This brings the positivity rate to 51 percent.

When Will Hospitalizations Peak? - Models indicate "peak can occur in two to three days and could result in 14,400 hospitalizations and 2,880 critical care cases,” said state Health Commissioner Judith Persichilli. “We look at this every day and it changes every day.”

Resources

The U.S. Chamber of Commerce put out guides to help understand the federal relief offerings for business:
The Federal Economic Injury Disaster Loan Program (EIDL)
The Employee Retention Tax Credit
The Paycheck Protection Program (PPP)

The U.S. Department of Treasury updated its 'Frequently Asked Questions' on Paycheck Protection Program loans.

Other federal relief programs to help small businesses include SBA Debt Relief and SBA Express Bridge Loans.

The N.J. Economic Development Authority has introduced grants, loans and other relief offerings for New Jersey businesses. Information and applications can be found here.

The state's jobs and hiring portal matches employers and candidates.
For employers to participate, click here.

New Jersey's website for information on all of the state's business resources during the pandemic.

New Jersey's website for up-to-date information about COVID-19.

To report a scammer or suspected price gouging, alert the N.J. Division of Consumer Affairs at (973) 504-6240 or at http://njconsumeraffairs.gov.

The state set up a 24-hour hotline where health care professionals are answering questions about coronavirus. The toll-free number is 1-800-222-1222. From outside the state, call 1-800-962-1253.

The New Jersey Chamber of Commerce is staying on top of Coronavirus (COVID-19) developments. For news media requests, please email Scott Goldstein.