07/06/2020Beginning today, July 6th, the New Jersey Department of Community Affairs will be accepting pre-applications for the COVID-19 Emergency Rental Assistance Program.
The COVID-19 Emergency Rental Assistance Program will provide temporary rental assistance to low- and moderate-income households that have had a substantial reduction in income or became unemployed due the COVID-19 pandemic.
Use this link to find out if you qualify and for the application directions.
NAR- 06/17/2020
The Small Business Administration and U.S. Treasury Department on Wednesday rolled out major updates to the Paycheck Protection Program, offering automatic forgiveness for certain independent contractors and creating a broader application form for forgiveness.
Specifically, the updated forms clarify that the “owner compensation” amount automatically forgiven for borrowers who use a 24-week covered period, as opposed to the original eight-week period, is equal to 2.5 times their average monthly net income. This means independent contractors with a 24-week loan can have the full amount automatically forgiven under the new guidelines. The amount of forgiveness for borrowers who choose an eight-week period remains unchanged.
Borrowers who received their PPP loans before June 5 can opt for either an eight- or 24-week period in which to use their loan; borrowers who received their loans after that date must use a 24-week period. The new forgiveness forms reflect a 60% requirement for payroll expenses, down from the original 75%.
Additionally, the agencies created a streamlined “EZ Forgiveness Application” for borrowers who: