To All City of Salem Businesses and Residents:
The current pandemic of the Corona Virus (COVID-19) has created disruption to our lives and the economy. The City of Salem has and will continue to remain apprised to all financial opportunities that have and will become available through Governor Murphy’s executive orders regarding assistance for small businesses and homeowners in New Jersey. As small business owners and homeowners here in Salem, I would like to provide you with the financial resources that have become available to assist you during these troubling times.
The New Jersey Economic Development Authority (NJEDA), in collaboration with the Office of the Governor of New Jersey, is looking for additional ways your small business to medium sized business can be supported during the COVID-19 outbreak. If you currently own or manage a business in the City of Salem, you are highly encouraged to take a short survey to provide information that will help the State agencies to design and implement new programs to help businesses in the State navigate the challenges in the weeks and months ahead. This is the first step in a larger effort the State is taking to support the long-term health of small businesses in the State of New Jersey and in our community.
The NJEDA will keep all responses confidential and the information you share will not impact any current or future interactions that your business has with the State of New Jersey.
Please be assured that as Mayor, joined by City Council and Staff, we will continue to work every day through this crisis. There will be more challenges as we work through this pandemic and I ask that as a community we all remain hopeful and safe during this time and be confident we will be more united as a community moving forward.
April 1, 2020
The New Jersey Economic Development Authority (NJEDA) approved initiatives to help businesses deal with the impact of the coronavirus outbreak. Included in these approvals is a grant program for small businesses, a zero-interest loan program for midsize companies, support for private-sector lenders and community development financial institutions, funding for entrepreneurs, along with technical support and market place information.
The Small Business Emergency Assistance Grant Program can provide up to $5,000.00 to small business owners in retail, arts, entertainment, recreation, accommodations, food service and other services to stabilize their operations and reduce the need for layoffs or furloughs. In addition to the grant, the Small Business Emergency Assistance Loan Program can provide working capital loans of up to $100,000.00 to qualifying business owners with a 0% to 3% interest rate.
Salem business owners affected by COVID-19 and are looking for assistance can view all the programs and the eligibility requirements located at the New Jersey Economic Development Administration website: https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak
Acting on a commitment to provide financial relief to New Jersey homeowners, Governor Phil Murphy announced financial institutions will provide mortgage forbearance and financial protection for New Jersey homeowners with a 90-Day grace period for mortgage payments with no negative credit impacts, a moratorium on initiating foreclosure sales or evictions, and relief from fees and charges.
Financial Institutions will offer mortgage payment forbearance of up to ninety (90) days to homeowners who are economically impacted by COVID-19. The providers will also provide a streamlined process to request the forbearance for COVID-19 related reasons, confirm the approval of and terms of forbearance program; and provide homeowners the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.
During this time, financial institutions will not report negative impacts such as late payments to the three major credit reporting agencies for the homeowners that are taking advantage of the COVID-19 related relief. In addition, financial institutions will not initiate foreclosure sales or evictions for at least 60 days and will wave, or refund mortgage-related late fees, and early CD withdrawals for at least 90 days.
Salem homeowners affected by COVID-19 can view additional information on COVID-19 related mortgage relief, at the following New Jersey State website: https://www.state.nj.us/dobi/covid/mortgagerelief.html
The City of Salem is committed to our business community and the residents who live here. The City of Salem will continue to update the community as more information comes out regarding the resources available for business owners and residents economically affected by COVID-19.
In closing, I would like to offer encouragement to everyone dealing with the economic affects due to COVID-19. Please be assured that as Mayor, joined by City Council and Staff, we will continue to work every day through this crisis. There will be more challenges as we work through this pandemic and I ask that as a community we all remain hopeful, confident, and supportive during this time.
Mayor Charles Washington Jr.