Coronavirus Update for New Jersey Businesses 5.1.2020

Posted: Saturday, May 02, 2020

RIDGEWOOD CHAMBER OF COMMERCE BUSINESS UPDATES
Today's News for New Jersey Business:
Another federal business loan program is coming - offering $500,000 loans. More COVID-19 tests are on their way. NJ Transit rolls out longer buses.



An intelligence briefing for N.J. Chamber of Commerce members on how coronavirus is impacting your business, the economy and health in New Jersey.

More Money for Businesses is Coming - Yesterday, the Federal Reserve released guidelines for its soon-to-open Main Street Lending Program that will offer four-year loans starting at $500,000 for small- and medium-sized businesses hit by the coronavirus pandemic. To qualify, a business must have had fewer than 15,000 employees or less than $5 billion in revenue in 2019. Lending institutions are administering the program, and a high percentage of each of the loans will be guaranteed by the Fed. Principal and interest payments will be deferred for one year.

Act Now - Once the Federal Reserve opens the Main Street Lending Program, qualified businesses should apply quickly. To prepare, the New Jersey Chamber encourages members to review the information and reach out to lenders now.

For the Fed’s press release, click here.
For frequently asked questions, click here.

New Jersey Businesses Are Not Getting Their Fair Share of Paycheck Protection Program Loans - New Jersey is one of the states hardest hit by COVID-19, but less than 20% of small firms here got an award from the federal Paycheck Protection Program, which is designed to offset COVID-19 losses. (NJ Spotlight)

More Tests Coming- New Jersey will at least double its daily number of tests for the coronavirus after the federal government agreed to send 550,000 testing kits and 750,000 swabs, Gov. Murphy said. This development, he added, could be critical to reopening the state. (nj.com)

At the White House - Gov. Murphy made a plea to President Trump yesterday that New Jersey needs federal money to help make up for what could be a $20 billion to $30 billion hit to the state government’s finances as businesses close and tax revenues plummet. (nj.com)

Essential Workers Crowded on a Bus - With some bus passengers complaining of crowding and lack of social distancing, NJ Transit wrestles with its critical role in getting essential workers to their jobs amid steep service cuts and a sharp drop in overall ridership. (NJTV News)

Bigger Buses - NJ Transit rolls out bigger, new buses that make social distancing easier. (nj.com)

NJ Transit Workers to Get Tested - Starting next week, all NJ Transit employees will get access to COVID-19 testing, Gov. Murphy said. Six NJ Transit employees have died of COVID-19 and there are currently 294 positive cases. (ABC Eyewitness News)

Washing Machine - New Jersey has “secured” a system that can decontaminate up to 80,000 N95 respirators a day, Gov. Murphy announced. This helps address the current shortage of critical Personal Protective Equipment. The Battelle Critical Care Decontamination System is centrally located in Edison and can service the entire state.

Too Much of a Good Thing - The latest obstacle in the search for a coronavirus treatment: Too many drug trials. (Politico)

Join Us for a Webinar with the Assembly Speaker on Wednesday, May 6 - Join the N.J. Chamber of Commerce and NJBIA as Assembly Speaker Craig Coughlin shares his views on the New Jersey business community and the COVID-19 crisis. He will also take questions from the audience. To register, click here.

Get Counted - New Jersey residents can respond to the 2020 Census to help ensure the state gets its fair share of federal funding, including money for hospitals and first responders.


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

Total Deaths Reported: 7,228, up from 6,770 the previous day.

Total Positive COVID-19 Tests Reported: 118,652, up from 116,264 the previous day.

For data on hospitalizations and discharges, click here.


Resources

The N.J. Chamber of Commerce webinar with Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, provides valuable details on the federal loan programs designed to help businesses navigate the pandemic.(April 23)

The N.J. Chamber of Commerce webinar with state Labor Commissioner Robert Asaro-Angelo provides vital information on the state unemployment insurance program and tips for applying. (April 16)

The N.J. Chamber of Commerce webinar with Al Titone, SBA district director of New Jersey provides vital information on SBA coronavirus relief loan programs. (April 14).

For information on applying for a Paycheck Protection Program loan, click here.

The U.S. Chamber of Commerce's Small Business Survival Guide has a complete listing of all of the coronavirus resources for small businesses.

The N.J. Economic Development Authority is offering assistance programs for New Jersey businesses. Information and applications can be found here.

The IRS posted information on 'stimulus checks' 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.

Have Questions about the Status of an Unemployment Claim? - You can send a message to the state Labor Department through its website – www.myunemployment.nj.gov. Then follow these instructions:

· On the top of the page, scroll to the right for “Need Help” and unveil the drop-down menu
· Choose Send an Email
· Choose Email: Submit a message through the new online form.
· Follow the prompts


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.