Manalapan, NJ — First and foremost the SBOANJ hopes this communication finds you and your family safe and healthy. These are very scary and confusing times that we are currently living in, but we want you to know that we are trying to supply you with up-to-date information as soon as it becomes available.

There are currently two SBA programs that we feel are important to our members and you should consider applying for within the next few days.

The first one is The Paycheck Protection Program (PPP): for an explanation and overview click here.

Small business and sole proprietorship: accepting applications as of April 3. Click here for the application.

Independent contractors and self-employed individuals: accepting applications as of Friday (April 10)

* Up to $10 million

* Up to eight weeks of payroll (2.5x monthly)

* Employee Benefits

* State and Local taxes on compensation

* No Personal Guarantees

* Loan maybe forgiven

* PPP Fact Sheet

The second one is the Emergency Injury Disaster Loan Program (EIDL):

* Applications Link

* Directly through the SBA

* Up to $2 million

* CARES Act also includes up to $10,000 immediate grant

* Use for Working capital

* Requires personal Guarantee

In addition, the Federal Assistance programs individual state programs have been established. These additional stimulus programs fall under State Economic Development Grants. The scope of businesses covered by these programs is limited so they will not apply to all businesses. Click here for information.

Our recommendation:

Call your banker about PPP today and see if they process SBA loans. If so complete the application and submit it immediately. Some banks are not registered to handle SBA loans but contact us and we can help direct you to one that does.

Apply for EIDL today. It is easy and takes 10 minutes. You can decide whether you want the funding based upon terms and amounts.

Stay safe and healthy.