March 18, 2020

Watson Coleman Applauds New Jersey Disaster Declaration Approval with the Small Business Administration

New Jersey small businesses now eligible for financial assistance with coronavirus losses

Ewing, NJ (March 18, 2020) — Today, Congresswoman Bonnie Watson Coleman (NJ-12) applauded the acceptance of New Jersey’s disaster declaration by the Small Business Administration (SBA), a move that will allow New Jersey businesses and non-profits hit by the coronavirus to apply for disaster assistance loans with deferred repayment and low interest rates. 

“We’re focused on the health and wellbeing of Americans in this crisis, and until we’re able to ensure people continue to get paychecks, that they can make it from the first of the month to the end of the month,” said Watson Coleman. “I’m thrilled to see both sides of the aisle coalescing around plans like direct payments — and I hope that energy remains once we’re past this — but we need our small businesses to keep employees on payroll, we need them to be able to open their doors again when it’s safe to do so. That’s what these loans will help them do.”

SBA disaster loans provide working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) with funds available through the Coronavirus Preparedness and Response Supplemental Appropriations Act. These loans offer up to $2 million in assistance for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact with interest rates at 3.75% for small businesses and 2.75% for non-profits.

For more information on the program, click here.