Above: Gottheimer with U.S. Small Business Administration NJ Deputy District Director John Blackstock discussing the new PPP loans fully available today.
WASHINGTON, D.C. — Today, U.S. Congressman Josh Gottheimer (NJ-5) announced new resources that are available from the bipartisan emergency COVID-19 relief package signed into law last month, including the new round of PPP loans fully available starting today and the federal supplemental unemployment benefits that should be available through the State of New Jersey starting this week.
Gottheimer was joined by the U.S. Small Business Administration NJ Deputy District Director John Blackstock to detail how North Jersey small businesses can access the newly available PPP forgivable loans.
Gottheimer also discussed what federal investment included in the latest package will provide relief for families, nonprofits and small businesses, New Jersey workers, local municipalities, and for vaccine distribution.
“It’s my goal to make sure everyone across North Jersey knows what new resources are available from the bipartisan emergency COVID-19 relief package that was signed into law in recent weeks, including the new round of PPP loans that are fully available starting today,” said Congressman Josh Gottheimer (NJ-5). “The package will specifically help the Fifth District by revitalizing our economy and saving our struggling small businesses, helping put food on the table and ensuring food security, improving our health infrastructure and distributing vaccines to our communities, putting money in the pockets of American adults and children, helping keep families in their homes, and, ultimately, it will help get us through these winter months.”
Watch today’s live video event with Gottheimer and SBA NJ Deputy District Director Blackstock HERE.
The latest bipartisan COVID-19 relief package includes the following resources for North Jersey:
- Direct Economic Impact Payments (EIP) are going out to adults and children:
- $600 payments to individuals who make up to $75,000 a year.
- $1,200 payments to couples who make up to $150,000 a year.
- $600 payments to children.
- If you have not yet received your payment, visit IRS.gov to check the status of your direct payment.
- If you did not receive the full amount of the first stimulus payment, you may be eligible to claim a Recovery Rebate Credit when you file your 2020 federal tax return.
Supplemental Unemployment Benefits:
- $300 a week of new federal supplemental unemployment benefits will be available, which includes assistance for gig workers, those who are self-employed, and those residents who have exhausted state benefits.
- New Jersey is expected to roll out the additional unemployment benefits around mid January 2021. The supplemental benefits will cover the time period starting December 27, 2020.
Small Business Relief:
- Starting today, Tuesday, January 19, 2021, the PPP loan approval process is now open for all lenders.
- First Draw PPP Loans: The qualifications for the first draw PPP loans remain the same as earlier in 2020. If you own a small business that did not apply for a PPP loan when they were available in 2020, then you are able to now apply for a forgivable loan if your business was in operation before February 15, 2020, and if you have fewer than 500 employees.
- Second Draw PPP Loans: If your small business already received a PPP loan last year, that means you could now qualify for a fully-forgivable Second Draw PPP loan if you meet the new criteria. Small businesses can qualify if they have experienced a 25% drop in revenue compared to before the pandemic, if they have fewer than 300 employees, and if the business was operating before February 2020. However, hotels and restaurants with an NAICS code beginning with 72 are exempt from the affiliation rules and may employ 300 or fewer employees per physical location. Businesses must have used, or will use, their First Draw PPP loan funds on eligible expenses before the Second Draw loan is disbursed.
- Expenses paid for with PPP loans are tax deductible. Some additional categories of non-profit organizations can now apply for a loan too.
- Small businesses in Census-designated low-income communities who have fewer than 300 employees and have seen a 30% reduction in revenue may be eligible for Economic Injury and Disaster Loan (EIDL) Targeted Advance grants up to $10,000 through the SBA.
- For more information on applying for a PPP loan or the EIDL, visit sba.gov.
- More than $60 billion for COVID-19 vaccine distribution, deployment, and testing and tracing. This investment will be heading out the door to help state and local health departments deploy additional vaccines through technology upgrades, staffing support, and supplies necessary to actually administer the vaccine into more arms.
- In New Jersey, to get in line for a COVID-19 vaccine by pre-registering through the NJ Vaccine Scheduling System (NJVSS), visit covidvaccine.nj.gov.
- $25 billion in rental assistance will be funded through the Coronavirus Relief Fund (CRF) and administered by the U.S. Department of the Treasury. Once the funds are disbursed to states and localities, tenants will be able to apply for aid through their local housing authorities which can be used for back rent and overdue utility payments from the start of the pandemic, as well as future bills.
- For more information on the Emergency Rental Assistance program from the U.S. Department of the Treasury, click here.
Food Security and Agriculture:
- $13 billion investment will support nutrition programs, including increased investment in the Supplemental Nutrition Assistance Program, resources to help move the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) online, $400 million for the Emergency Food Assistance Program (TEFAP), which helps support our food banks, and $175 million for Meals on Wheels and other nutrition services for our seniors.
- Also, $13 billion will support farmers and protect our food supply chain.
- For more information from the USDA Food and Nutrition Service (FNS) and frequently asked questions about federal nutrition assistance programs during the COVID-19 pandemic, click here.
- $10 billion is provided nationwide for child care providers. Similar to the CARES Act, this federal investment from this new relief package can be used to reduce family copays and tuition, as well as COVID-19-related expenses for child care providers.
- $54.3 billion is provided for public K-12 schools, as well as$22.7 billion for higher education, and $4.05 billion for governors to use in the hardest hit areas of their state and nonpublic schools.
- $14 billion is provided for transit systems like NJ Transit, as well as $10 billion for State Departments of Transportation like NJDOT, $1 billion for Amtrak, $15 billion for airlines, and $2 billion for buses and motorcoaches.