As emergency orders are being signed across New Jersey, thousands of businesses are being forced to close their doors immediately. “Businesses that are even allowed to be open for a few hours a day are seeing a steep drop in customers and are beginning to lay-off employees and they don’t know when it’s going to stop” says Vince Vicari, Regional Director of the Bergen/Ramapo NJSBDC. “ The phones are ringing off the hook, and I needed help assessing each case to determine what programs and loans are the best fit, so I asked our long term partner, Corporate Turnaround (CT), to help. “ They were there for us in Hurricane Sandy, and they are here for us now”, adds Vicari.
Charles Evans, Director of Business Development for CT says, “We have very experienced consultants and the infrastructure to manage the calls and web inquiries for the NJSBDC at times of high volume. Small businesses seeking the assistance of the SBDC are encouraged to fill out SBA Form 641 and register for help first. The form can be found on The NJSBDC Ramapo website or you can follow the links from there to us and we’ll help you”.
Kathleen Cronin, NJ SBDC Ramapo Regional Center Coordinator & Outreach says “The NJSBDC is committed to responding as quickly as possible to help businesses in New Jersey. The good news is more funds have just been made available.”
The U.S. Small Business Administration (SBA) has set aside $50 billion in low-interest Economic Injury Disaster Loans (EIDL) for “on-going” small businesses affected by the Coronavirus. Individual businesses may apply for up to $2 million per loan.