Business

Businesses slammed by COVID-19 get some breaks from NJEDA mandates

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New Initiatives to Support Businesses Impacted by COVID-19 

The New Jersey Economic Development Authority (NJEDA) announced a suite of new programs to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.  The new initiatives include:  

Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, repair, maintenance, personal, and laundry services to stabilize their operations and reduce the need for layoffs or furloughs. Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years. Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. READ MORE

It makes sense for you and cents for your community – Census 2020 – fill it out today

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Given all that’s going on in the world right now, the U.S.
Census may seem like a relatively unimportant concern. But the hundreds of
billions of dollars that will be apportioned based on this year’s census count
will impact our classrooms, our public health facilities, our representation in
government, and countless programs that directly impact the lives of all
community members. So today, on Census Day, please make sure to fill out your
census (it only takes 5 minutes!) and please help spread the word. Complete your form now:www.my2020census.gov.

Rebecca Hersh, executive director of Main Street Highland Park, added these thoughts about the census:

“We urge all New Jerseyans to Complete the United States 2020 Census and be counted. We need ALL New Jerseyans to be counted! READ MORE

Business

More Information Resources for Small Businesses Compiled by Main Street Highland Park

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Funding Programs & Business Support for businesses affected by COVID-19

The Small Business Administration’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses. Learn more. Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program. Learn more. JPMorgan pledged $50 million global philanthropic commitment to support communities and people hit hardest by this public health crisis, including $2 million to existing nonprofit partners and $8 million to assist small businesses. READ MORE

Business

Updates from Main Street HP: May 3 HP 5K and Street Fair Felled by COVID-19; Support Farmers Market Vendors and Local Merchants

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HP 5k Race & Street Fair Update We are very sad to say that due to COVID-19 concerns and uncertainty, we be postponing the annual Highland Park 5k race and Spring Street Fair on Sunday May 3, 2020. Please email mainstreethighlandpark@gmail.com to be put on our mailing list for rescheduling updates. Updates will also be posted on our website. Farmers Market Update We’re not in season yet, but our vendors are still in business. You can click here to see some online shopping options from some of our market vendors. READ MORE

Working and Learning at Home Presents a New Challenge and RU Experts Offer Advice

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Gone is the morning race out the door to get the kids to school and parents to work. Now, the challenge many working parents face is structuring the day to make sure their children are still learning while also trying to do their jobs from home. One comforting fact is that we are not alone in this difficult situation. The following Rutgers experts are discussed how parents can help children with their home education while balancing their work-related responsibilities in this unprecedented time. GG Weisenfeld Assistant Research Professor National Institute for Early Education Research Rutgers Graduate School of Education

Yana Rodgers Professor Center for Women & Work Rutgers School of Management and Labor Relations

Here are some tips for homeschooling:

What advice do you have for parents struggling with children who aren’t as cooperative learning at home as they might be in a classroom? READ MORE

COVID-19 Punches Local Businesses, but Residents Can Help with Takeout

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Article is from ROI.NJ.com March 20, 2020

People have been encouraged to order takeout in an effort to aid local businesses. It’s a good thing for the economy, we’re told. But, is it safe? Dr. Henry Fraimow, an infectious disease specialist at Cooper University Health Care, says it is. “We know that the risk of contracting coronavirus through food is incredibly low,” Fraimow said in a release. READ MORE