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Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

As previously posted in our May 16th alert, the New Jersey Economic Development Authority (“NJEDA”) announced an additional $50 million from the federal government to replenish the New Jersey Small Business Assistance Grant program that was established to help those small businesses impacted by COVID-19.

On May 22, the NJEDA board voted to expand the program to provide grants up to $10,000 to qualified businesses and expand eligibility requirements. Additionally, the NJEDA voted to reserve $15 million for businesses in Opportunity Zones.


Continue Reading Second Update: New Jersey Small Business Assistance Grant

The Small Business Administration (SBA) recently published the borrower application to request loan forgiveness for a Paycheck Protection Program loan (PPP Loan). The form and instructions inform Borrowers how to apply for forgiveness of their PPP Loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Borrowers can apply for forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans. Borrowers can find the PPP loan forgiveness application here and submit it to their Lender.


Continue Reading PPP Loan Forgiveness Application Released

The New Jersey Economic Development Authority (“NJEDA”) launched the New Jersey Small Business Assistance Grant program wherein the NJEDA allocated $5 million to the program to provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services — such as repair, maintenance, personal, and laundry services — and nonprofits to stabilize their operations and reduce the need for layoffs or furloughs during the COVID-19 pandemic. You can see our original post regarding the program here.

Continue Reading Update: New Jersey Small Business Assistance Grant

On April 23, 2020, the Small Business Administration (“SBA”) posted FAQ #31 concerning the Paycheck Protection Program (“PPP”), stating in relevant part that borrowers should review their application to assess their economic need for a PPP loan. Specifically, borrowers should determine if in good faith they can make the certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

Continue Reading New Guidance Posted Regarding PPP Loan Certification

UPDATED on 4/24/2020

On April 23, 2020 Congress passed the Paycheck Protection Program and Healthcare Enhancement Act to provide an additional $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).


Continue Reading Paycheck Protection Program Update: More Relief Money on the Way for Small Businesses

The New Jersey Economic Development Authority (NJEDA) has approved a series of aid packages for small/mid-size businesses in the amount of $75 million. The NJEDA programs focus on businesses that have been hit the hardest by COVID-19.

One of the NJEDA programs, the Small Business Emergency Assistance Loan Program is a $10 million program that will provide up to $100,000 towards working capital loans to businesses and eligible non-profits with less than $5 million in revenues.

The Small Business Emergency Assistance Loan applications will open April 13, 2020 at 9:00 a.m.


Continue Reading Small Business Emergency Assistance Loan Program

The Paycheck Protection Program (“PPP”) officially launched April 3, 2020. In the application for a PPP loan, applicants are required to disclose if the applicant or any owner of the applicant is an owner of any other business, or has common management with, any other business and if so, for the applicant to list such businesses and the relationships. This question relates to eligibility to receive a PPP loan as only businesses with 500 or fewer employees qualify (unless the applicant falls in one of the exceptions as provided in our previous posts).

Continue Reading Update: Affiliation Under the Paycheck Protection Program

Yesterday evening, the SBA posted an Interim Final Rule for the Paycheck Protection Program (“PPP”). This is not the final rule, but it provides changes to the Paycheck Protection Program and guidance for applicants and lenders.

Some of the notable updates include:


Continue Reading SBA Issues Interim Rule and Guidance to CARES Act Paycheck Protection Program

On March 27th, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the CARES Act the Small Business Administration (SBA) will implement the Paycheck Protection Program, which will allocate $349 billion as loans to small businesses, 501(c)(3) organizations, and veteran’s organizations affected by the spread of

The New Jersey Economic Development Authority (NJEDA) has approved a series of aid packages for small/mid-size businesses in the amount of $75 million, which could grow to $100 million depending on matching grants.

The NJEDA programs focus on businesses that have been hit the hardest by COVID-19. The initiatives include a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and a variety of resources providing technical support.

The NJEDA hopes the initiatives will provide relief to 3,000 and 5,000 small and mid-size businesses in the State. Some of these NJEDA programs will begin accepting applications as early as March 30th. Below you will find each of the NJEDA’s programs, a summary of each program and eligibility requirements.


Continue Reading New Jersey Small Business Economic Development Authority – Small Business Assistance re: COVID-19