Atlantic County Economic Alliance
Atlantic County’s One Stop Shop for Business Expansion and Relocation Services
The ACEA is tracking and monitoring government and private sector activity to support businesses during the COVID-19 crisis. Information is fluid and rapidly evolving as government agencies gear up to create and administer new programs. The following summaries, information, and links describe programs ACEA believes may be of high interest to our local business community. This information is not intended to be an exhaustive list of all available resources during the COVID-19 crisis. We encourage members of our business community to check back regularly for updates and to do their own independent research about available programs and resources.
More Money for Businesses is Coming - 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.
On March 27, 2020, President Trump signed a $2.2 trillion economic rescue package into law, known as the CARES Act of 2020, to support businesses, rush resources to health care providers, and help families during the coronavirus epidemic. One aspect of the CARES Act is the Paycheck Protection Program, which sets aside $349 billion for loans, loan guarantees, and forgivable loans to businesses with fewer than 500 people.
The program will be run through commercial banks with SBA relationships. Non-SBA banks may be accepted into the program as the program evolves.
To access this assistance, please check with your current bank to find out if it is an authorized SBA lender. If not, seek a bank that is an authorized SBA lender. To view a list of authorized SBA lenders, click here.
Click here https://www.sba.gov/funding-programs/loans/coronavirus-relief-options for access to the Paycheck Protection Program (PPP) and a comprehensive list of federal funding options.
U.S. Small Business Administration, Economic Injury Disaster Loans – Presently being refunded
The SBA declared New Jersey an economic disaster zone as a result of COVID-19. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business (500 employees or less) and can provide support to help overcome the temporary loss of revenue they are experiencing. Applicants may qualify for a forgivable loan advance up to $10,000. Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can ’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere. Businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
For more information or to apply:
Carol Waities, director of the SBA Office at Stockton University is requesting that interested business complete the attached “Client Intake Form” and fill out the blocks highlighted in yellow. Completed forms should be sent to Carol Waties at (firstname.lastname@example.org) or Cynthia Kelly at (email@example.com). All form submissions will get a call from a blocked number (SBA is working from home) and each business will be scheduled to have their questions answered and receive assistance in completing their applications.
Carol Waties, Director
NJSBDC at Stockton University
Serving Atlantic, Cape May and Cumberland Counties
Free Technical Assistance Available For Businesses During COVID-19 Crisis
Need help accessing federal Small Business Administration Programs, including the new $349 Billion Payroll Protection Program?
Businesses seeking technical support to help prepare U.S. Small Business Administration (SBA) applications during the COVID-19 crisis can turn to a growing number of entities for free help. The following is a list of organizations assembled by the Atlantic County Economic Alliance to support our business community. These organizations have been identified by the State of New Jersey or the federal government as technical assistance vendors for our business community during COVID-19 crisis.
The list below is not exhaustive and the ACEA makes no recommendation of which vendor a business should use. The ACEA will update this list should more vendors become available.
NJ Small Business Development Center at Stockton University
African American Chamber of Commerce
P: (609) 571-1620
New Jersey State Veterans Chamber of Commerce
Rising Tide Capital
Statewide Hispanic Chamber of Commerce of New Jersey
P: (201) 935-0035
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
The employer portion of the social security taxes may be deferred through the end of 2020. Half of the deferred amount will be due at the end of 2021 and the other half will be due at the end of 2022. The Social Security deferral is not available to companies aspiring to apply for a Payroll Preservation Program loan and have it forgiven.
New Jersey Economic Development Authority COVID-19 Disaster Programs
Additional details on the NJEDA’s new programs, including complete eligibility requirements. Applications are anticipated to be opened during the week of March 30th. To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
For Application Assistance call 844-965-1125. This toll free assistance number is open 8am to 9pm Monday to Friday and 11am to 5pm Saturday and Sunday.
New Jersey Business Action Center’s Helpline is now available Monday to Friday 8am to 5pm. Not open on weekends.
Call 1-800-JERSEY-7 to address any concerns you or your employees have.
Did you lose your job or have your hours reduced as a result of COVID-19? Businesses across New Jersey need thousands of workers for immediate hire.
Need help finding a job that's a good fit for you? Enter key terms into the search box that will help narrow down the list. Type in the type of job(s) you're interested in (for example: Home Health Aide, Cashier, Delivery Driver). You can also type in your town or county to see some places hiring near you. If you're looking to work for a specific company, type their name in the search box.
State tax filing deadline extension from April 15 to July 15, 2020.
NJ fiscal year budget extension to September 30, 2020.
Michael Tobin, CEO
Continent 8 Technologies
Peter Gallagher, Vice President
Nicholas Calio, President
The ACEA provides prompt response and identification of available commercial, office, industrial, and developable land requests tailored to your specifications and requirements. The ACEA acts as your liaison with brokers for follow up information requests while maintaining strict confidentiality until your firm is ready to engage in actual site visits. Our staff is available to accompany you on site visits and provide insight and assistance throughout the process.
The ACEA coordinates contact with municipal, county, and state agencies; including planning and zoning committees, environmental oversight boards, and permit inspection professionals. Our staff is available to assist you in working with state and federal regulatory agencies and meeting requirements.
The ACEA introduces you to utility company representatives, municipal, and county officials, business leaders, education institutions, and advocacy groups. Our staff helps connect you to the right person for every stage of your development and project. Upon request, we will provide professional service referrals for recognized experts in their fields.
The ACEA provides experience in generating data and tailoring information requests taken directly from primary sources such as the U.S. Department of Labor, Bureau of the Census, and various New Jersey state and county agencies. Such information may include local wage rates by occupation, land, and building prices, and information on Atlantic County sewer, water, sewage, roads, public transportation, and household characteristics. The ACEA strives to place you in an informed position prior to a full project due diligence commitment.
The ACEA directs you to workforce training professionals who will assist you in training employees to meet your specifications, often subsidized by the New Jersey Department of Labor.
The ACEA provides information about available financing programs and opportunities, as well as referrals to financing groups and agencies such as the New Jersey Economic Development Authority, the Atlantic County Improvement Authority, economic and community development organizations, and commercial financial institutions.
The ACEA promotes your business accomplishments as part of its marketing campaigns in print and online. Your success and growth is our mission!
This program is an incentive for developers and businesses to address revenue gaps in development projects. Residential and commercial projects could see assistance of up to 20% of the total project cost. Click Here for more details.
This program is currently available to businesses located in Pleasantville, Atlantic County. Businesses can benefit from reduced sales tax to 3.5%, tax-free purchases on capital equipment/ expansions and financial assistance from agencies such as the New Jersey Economic Development Authority. Click Here for more details.
Administered by the Atlantic County Improvement Authority, these programs are open to businesses located in municipalities that participate in the Community Development Block Grant as well as Atlantic City. The Micro Loan Program offers loans between $1,000 and $35,000 to start-up businesses that meet the HUD criteria of low to moderate income. The 108 Loan Program can provide for-profit businesses with loans up to 40 percent of the project cost. Click Here for more details.
Evaluate potential business locations in NJ and get information associated with the Economic Opportunity Act of 2013.
Project funding for Atlantic City based development. Funds can be used for construction, rehabilitation, acquisition and professional fees. The CRDA can provide both construction and permanent financing.