NJ Small Businesses Eligible for Federal Aid to Cover COVID-19 Losses

Governor Murphy’s office has announced that the U.S. Small Business Administration (SBA) approved New Jersey’s application for “disaster” status, opening the door for businesses across the state to apply for federal disaster loans of up to $2 million each. This status was determined by the level of inevitable losses businesses will suffer as a result of the COVID-19 outbreak.

Known as Economic Injury Disaster Loans (EIDL), this assistance is available to both for-profits and nonprofits and is provided with low interest rates and long-term repayment options up to 30 years.

Small businesses that have been severely impacted as a result of the pandemic can apply and learn more here.


Michael Hochman Michael Hochman is Partner, the Co-Leader of the New Jersey Market Leader and Executive Committee Member at Grassi and brings over 30 years of experience to the firm. Michael has broad experience in tax planning and return preparation for corporations, individuals, and partnerships and represents clients before both Federal and State taxing authorities. He also provides clients with auditing, financial reporting, reviews and compilations,... Read full bio