NJ STATE: Small Business Emergency Assistance Loan Program | Needleman Management

NJ STATE Small Business Emergency Assistance Loan Program

The Small Business Emergency Assistance Loan Program is designed to provide a direct loan (WITH 0% INTEREST FOR THE FIRST FIVE YEARS) up to $100,000 to NJ-based small businesses and non-profits.  Businesses need to have been in existence for at least one-year and have less than $5 million in annual revenue. Businesses need to have been negatively impacted by the COVID-19 outbreak (including, but not limited to: reduction of business hours, complete closure of business, at least a 20% decline in revenue, employees unable to work, required to close by government, or disruption of supply chain).


CHECK the URL every day next week, starting Monday, March 30th.
Check this URL listed below every day,  starting Monday for the application to open up.

The application is now live, as of April 13, 2020 at 9am.

Applications will be handled on first come, first serve basis.


Your organization is eligible for the Small Business Emergency Assistance Loan Program if you…

  • Have a physical commercial location in the State of NJ
  • Have been in existence for at least one year
  • Have less than $5M annual revenue
  • Can show a global debt service coverage ratio of 1.00 (as of December 31st, 2019)
  • Are able to demonstrate negative impact related to COVID-19 on or after March 9th, 2020
  • Are registered to do business in the State of NJ
  • Must certify that the company is in good tax standing with the State
  • Are in good standing with the Department of Labor and Workforce Development
  • Are able to provide a CEO certification that the firm will make its best-effort to not lay off employees or will re-hire employees as soon as possible
  • Non-profit organizations are eligible for this program; eligible non-profits must have status of 501(c)(3), 501(c)(4), 501(c)(7)

This program is structured specifically for entities facing economic challenges due to COVID-19 and provides low-cost and flexible terms, such as:

  • 10-year term and amortization
  • 0% interest rate (years 1-5), NJEDA’s prevailing interest rate floor (capped at 3.0% years 6-10)
  • Deferred repayments for 12 months

There are no fees associated with the Small Business Emergency Loan Program for the first five years of the loan, including application fees, and then standard modification fees will apply.


Applications are targeted to open on the week of March 30th. Completed applications will be considered on a first come, first serve rolling basis.


We do not claim to be lawyers, accountants or tax professionals. We present this material for informational purposes only and is based solely as our best understanding at this time. We accept no liability for any action based on this information nor for any errors or omissions. We strongly suggest that you discuss the material provided herein with your legal and tax professionals.

Last updated:  April 13, 2020