Support for Small Businesses

Support for Small Businesses

The Paycheck Protection Program (PPP) provides forgivable loans to employers who maintain their payroll and use the funds for eligible expenses. Information about the program can be found at the Small Business Administration’s website hereThe PPP application is available hereTo apply for forgiveness for your existing PPP loan, visit the SBA’s forgiveness page here.

The American Rescue Plan provides critical funding and policy changes to help small businesses and nonprofits recover from the pandemic. It includes an additional $7.25 billion for PPP and expands eligibility of 501(c) nonprofits of all sizes and types, except for 501(c)4 lobbying organizations. Further, the bill:      

  • Creates the Restaurant Revitalization Fund at the SBA to offer $28.66 billions of assistance to restaurants and bars hard hit by the pandemic. $5 billion is set aside specifically for smaller establishments with less than $500,000 in 2019 annual revenue. During the first 21 days, applications from restaurants owned and operated by women, veterans, or socially and economically disadvantaged individuals will receive priority.

  • Provides an additional $15 Billion for COVID-19 emergency grants through the Economic Injury Disaster Loan (EIDL) Program to help those who applied for relief in 2020 but did not receive the full $10,000 grant. Additional information about the EIDL program can be found here.

  • Provides $10 billion for the State Small Business Credit Initiative to support up to $100 billion in small business financing through state, territorial, and tribal government programs. Of this amount, $2.5 billion is dedicated for support to business enterprises owned and controlled by socially and economically disadvantaged individuals, including minority-owned businesses.  

In February 2021, Tom hosted a Paycheck Protection Program Loan Application and Forgiveness Webinar for small business owners in New Jersey’s 7th Congressional District. Representative Malinowski was joined by Al Titone, the New Jersey District Director for the U.S. Small Business Administration. You can watch a full recording of the webinar here. To view the presentation shown by Al Titone during the event, click here.

Representative Malinowski’s office is here to assist small business owners. If you need assistance with the Small Business Administration, please email nj07.smallbusiness@mail.house.gov. Provide contact information and a detailed explanation of your issue when reaching out. While we cannot guarantee you a favorable outcome, we will do our best to help you receive a fair and timely response to your problem.