We all know all this information is still unfolding daily so we urge you to review other resources so you can make the most informed decisions for your situation.
There will be no Lunch with the Experts on Tuesday November 3 – use your time instead to GET OUT AND VOTE!
- Payroll Protection Program Loan Forgiveness Relief for Small Burrowers The Paycheck Protection Program (PPP) has been evolving since its introduction under the Coronavirus Aid, Relief & Economic Security (CARES) Act. On October 7, the SBA and Treasury issued an Interim Final Rule (IFR) for borrowers with loans of $50,000 or less.
- Paycheck Protection Program Loans and Changes of Ownership The Small Business Administration (SBA) recently issued a procedural notice with an effective date of October 2, 2020, clarifying the treatment of outstanding PPP loans with respect to significant investments, mergers, and changes in ownership.
Small Business Administration
- Join the SBA November 2-6, 2020 as they celebrate National Veterans Small Business Week. The SBA will be showcasing our nation’s military and veteran-owned businesses all week long. This year’s theme is #VetBiz Resources in Your Local Community which highlights the breadth of free to low-cost entrepreneurial resources that veteran and military entrepreneurs can access right in their neighborhood – from seeking business counseling services from a local SCORE chapter, to visiting the Veterans Business Outreach Center (VBOC) in their area for help formulating a business plan. Each day during NVSBW, different topics will be highlighted related to the veteran entrepreneurship journey and host various national-level events to align with each topic area.
- In honor of National Women’s Small Business Month, the U.S. Small Business Administration and Performance.gov Team have partnered together to highlight the Women-Owned Small Businesses (WOSBs) data dashboard. According to the U.S. Census Bureau’s Annual Survey of Entrepreneurs, the U.S. has nearly 1.1 million women-owned businesses with 99.9% of them categorized as small businesses. In FY19, more than $25 billion was awarded to WOSBs, as the Federal Government met the goal of awarding five percent of all federal contracting dollars to women-owned small businesses each year.
- Governor Murphy Signs New Executive Order Requiring Health and Safety Protocols for all New Jersey Workplaces. Governor Murphy signed Executive Order (EO) No. 192, which provides mandatory health and safety standards to protect all of New Jersey’s workers during the pandemic. A copy of the EO can be found HERE and the related Press Release can be found HERE. This EO, which is effective on 11/5/20 at 6:00am, establishes workplace health and safety standards that will cover all New Jersey-based workers in both the private and public sectors. It also creates a collaborative enforcement mechanism to ensure complaints and reports of noncompliance are properly addressed and ensures workers are informed of their rights, and that employers are informed of their obligations.
- The Hunterdon County Economic Recovery Task Force seeks your help in understanding the impact of COVID-19 on the regional economy and to assess business needs. The information provided on this survey will help us to evaluate the impacts on Hunterdon County’s employers and the Hunterdon County economy. Individual survey responses will not be released, and the information will only be conveyed in the aggregate. Take the Survey.
- Shrinking Labor Force Drives New York State’s Unemployment Rate Below 10%. New York State’s unemployment rate dropped to 9.7 percent in September, marking the first time the rate has been below 10 percent since the beginning of the COVID-19 pandemic. The 2.8 percentage point improvement in the unemployment rate was the second largest among all states, as shown in the map below. New Jersey led the nation with a 4.4 percentage point decline. Unfortunately, a deeper dive into the Bureau of Labor Statistics data reveals troubling context: New York State’s workforce declined by nearly 363,000 last month, a 2.3 percentage point drop from August (based on preliminary figures), while the number of individuals officially considered unemployed declined by 302,000. In short, the unemployment rate went down in large part because of the decline in New Yorkers counted as working or seeking employment. Such a decrease in the size of the workforce may indicate that individuals have ceased searching for a job actively. New York also led all states in September job gains, at 109,300. Again, the picture is complex; at the same time, the number of employed people in the State fell by more than 60,000. Increasing numbers of New Yorkers working more than one job (perhaps part-time or temporary) may be one factor in those changes.
- Building from the success of the Open Restaurants program, the City is launching an Open Storefronts program that will allow storefront businesses to use a portion of the sidewalk to conduct business. Businesses will be able to display merchandise, complete transactions, and provide areas for customers to line up, as long as the business meets eligibility criteria identified by the City, which will be made available at nyc.gov/openstorefronts.