What county and local government financial assistance programs are available for my business?
The Economic Injury Forgivable Business Loan Program offered by the Atlantic County Improvement Authority will provide short-term, forgivable working capital loans of up to $25,000 with 3% interest. Owners with a 20% or greater share of the business must provide personal guarantees. An application fee of $200 is required.
Principal and interest will be deferred for two years and then forgiven if the business is still operating. The loan will enter repayment status immediately if the business closes within that time, and the principal plus accumulated interest will be amortized with monthly payments due over a five-year period at 3%.
Business must submit a statement of coronavirus business disruption and/or revenue loss and describe how the loan will be used to retain existing employees.