Tag Archives: small businesses

New Jersey Governor Murphy Announces Small Business Tenant Relief Program

On July 23, 2020, New Jersey Governor Murphy announced a new relief program for small businesses impacted by the COVID-19 pandemic. The Small Business Lease – Emergency Assistance Grant Program (SBL-EAGP) will allow businesses in 64 eligible municipalities to apply for grants of up to $10,000 for lease costs. The program will assist small business owners impacted by the COVID-19 pandemic, which also assists landlords, many of whom are also small businesses.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

SBA and Treasury Release FAQs on Paycheck Protection Program Loans

On April 6, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, provided brief answers to frequently asked questions (FAQs) on the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

To read the full text of this Alert, which highlights the further clarifications provided by the FAQs for borrowers working their way through the PPP, please visit the firm website.

Countering Layoffs, Lessons From The First Week Of The CARES Act

(This is the fourth in a series on the impacts of the coronavirus on employment and the workplace. Read part onepart two and part three.)

Government and private sector businesses are moving so rapidly during the first week of the $2 trillion CARES Act, that we can already draw some lessons going forward. This is so especially for the $349 billion Paycheck Protection Program (PPP), the main vehicle rushing funds to small businesses to stem additional layoffs and permanent business closures.

To read the full text of this article by Duane Morris attorney Michael Bernick, with comments from  Nanette Heide and Sandra Stoneman, please visit the firm website.

Paycheck Protection Program Opens with Updated Guidelines

On April 3, 2020, the Paycheck Protection Program (PPP) application opens to borrowers. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.

To read the full text of this Duane Morris Alert, please visit the firm website.

New Jersey: NJEDA Small Business Emergency Assistance GRANT Program Opens April 3

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Grant Program on Friday, April 3, 2020 at 9:00 am. If you are thinking of applying, a link to the grant program application will be posted on the State’s COVID-19 Business Information Hub. The grant program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

This Grant program is a$5M program that will provide grants up to $5,000 to small businesses in retail, arts entertainment, recreation, accommodation, food service, repair, maintenance, personal and laundry services.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

Pennsylvania Offers Economic Relief Programs for Businesses and Nonprofits

In response to the current COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

To read the full text of this Duane Morris Alert, which identifies and provides an overview of available economic programs, tax relief measures and deadline extensions for applicable Pennsylvania and Philadelphia organizations affected by the COVID-19 pandemic and closures, please visit the firm website.

Maryland Provides Economic Relief from COVID-19 for Businesses and Tax Payers

In response to the COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

In addition to the economic incentive provisions and programs that are available through the new federal CARES Act, including the $350 billion Paycheck Protection Program (PPP) and the U.S. Small Business Administration’s (SBA) Emergency Injury Disaster Loan (EIDL) program, Maryland has offered a number of new economic assistance programs, tax relief measures and deadline extensions to help businesses and individuals impacted by the COVID-19 pandemic.

To read the full text of this Duane Morris Alert, please visit the firm website.

Considerations for Small and Mid-Sized Businesses in Responding to COVID-19 Pandemic

Many small and mid-sized businesses are facing unprecedented challenges in dealing the COVID-19 pandemic.  In many states, “non-essential” businesses have faced complete shutdowns.  In the face of COVID-19, small and mid-sized businesses face myriad challenges and it can be overwhelming to try to tackle them with limited human and capital resources.  The below is a list of key risk-mitigation items that should be priorities for small and mid-sized businesses as they face remote working challenges and capital crunches. Continue reading Considerations for Small and Mid-Sized Businesses in Responding to COVID-19 Pandemic

Historic CARES Act Puts $2 Trillion Toward COVID-19 Response Efforts

Enacted on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the largest economic stimulus package in American history, providing $2 trillion in essential financial, medical and economic assistance to industries, businesses and individuals affected by this global health and financial crisis. Since the early stages, the Duane Morris COVID-19 Strategy Team has been closely monitoring developments and advising clients on the complex legal issues and far-reaching implications of the pandemic. Our attorneys have reviewed the key provisions of the CARES Act and have summarized the significant benefits, resources and opportunities that may be available to you.

To read the full text of this Duane Morris Alert, please visit the firm website.

CARES Act Offers Small Businesses Relief Through Paycheck Protection Program

On the evening of March 25, 2020, the Senate approved the Coronavirus Aid, Relief and Economic Security Act legislation (CARES Act), providing over $2 trillion of relief designed to ease some of the economic hardship caused by the COVID-19 outbreak. This legislation still requires approval from both the House and president, which is expected over the next few days. The relief package is the largest in history and includes relief for businesses and individuals.

This Alert highlights the small-business section of the CARES Act and the creation of the Paycheck Protection Program, which provides cash flow and liquidity through loan opportunities for small businesses, sole proprietors and independent contractors across various industries. Additional detail will be provided as the Small Business Administration drafts implementing regulations, which is required to occur within 15 days once the CARES Act becomes effective.

To read the full text of this Duane Morris Alert, please visit the firm website.