LCR COVID-19 Advisory Group

LCR COVID-19 Advisory Group
On April 7th Governor Murphy signed Executive Order 118, which orders the closure of all State Parks and Forests, as well as County Parks beginning on April 7, 2020. Executive Order 118 is in response to concerns that park users are not following the social distancing requirements previously put into place.
Governor Murphy also signed Executive Order 119, which extends the statewide Public Health Emergency and State of Emergency previously declared in soon to expire Executive Order 103. Executive Order 119 also maintains in place all existing Executive Orders involving COVID-19.
The New Jersey Economic Development Authority (“EDA”) will begin accepting applications on April 13, 2020 for its Small Business Emergency Assistance Program. Through this program the EDA has allocated $10 million to provide working capital loans of up to $100,000 to small and mid-size businesses located in New Jersey. Loan candidates must have annual revenues of less than $5 million and show a negative impact due to COVID-19. These loan have a ten (10) year term with interest at 0% for the first five (5) years. The interest rate will be adjusted to the EDA’s prevailing floor rate for the remaining five (5) years with a cap of 3%. 
The loan application can be found here and the eligibility wizard can be found here. Additional resources provided by the Sussex County Chamber of Commerce related to the COVID-19 pandemic can be found here.
If you have any questions or concerns regarding the Small Business Emergency Assistance Program, please reach out to the Business Law Practice Group at Laddey, Clark & Ryan, LLP:
Our attorneys can also be reached at: 973-729-1880
Laddey, Clark, & Ryan, LLP, remains fully operational during the coronavirus (COVID-19) pandemic. Please rest assured that our attorneys, paralegals, and staff continues to be available to you and to fulfill your evolving legal, business, and personal needs. Throughout this difficult period, you can expect that the team at Laddey, Clark, & Ryan will continue to answer your emails and calls promptly and be completely available to you, exemplifying the client service and responsiveness we have always been committed to providing.