LEDC

Paycheck Protection Program is Set to End on March 31 – Banks and other businesses are pressing the Biden administration and Congress to keep the federal Paycheck Protection Program (PPP) running beyond its March 31st expiration date, warning that struggling employers need more time to obtain vital business loans. Some banks responsible for doling out billions of dollars in loans under the PPP are beginning to close down their application portals early so they can process applications they have already received.

With Three Weeks Left, Move Fast on Your PPP Loan – If you are considering applying for a loan, under the federal Paycheck Protection Program, do it as soon as possible. Here is info on the program.

PPP First & Second Draw Webinar Wednesdays – The SBA Vermont District Office hosts free webinars from 9am until 10:30am on Wednesdays about the Paycheck Protection Program First Draw and Second Draw options. What is a PPP loan, terms, eligibility, and the application process. What is the difference between them? What has changed with the Economic Aid Act? Details on both programs will be presented. To access the webinar, click here. To access the webinar by phone, call 202-765-1264 and enter code 986 011 495#. For more information, email Susan Mazza from the SBA here.

PPP Forgiveness Webinars Tuesdays – The SBA Vermont District Office hosts free webinars from 11:30am until 1pm on Tuesdays about Paycheck Protection Program forgiveness. Topics include criteria, the process, changes and more. To access the webinar, click here. To access the webinar by phone, call 202-765-1264 and enter code 986 011 495#. For more information, email Susan Mazza from the SBA here.

PPP Loans Are Expanding to More Lenders – The Federal Paycheck Protection Program (PPP), which reopened this week for community lenders to begin offering forgivable business loans, will expand to allow small banks to offer forgivable PPP loans on Friday and all lenders next Tuesday. (Bloomberg News) 

Info on Paycheck Protection Program Loans – The loans will be available both to first-time applicants and to some returning borrowers. Borrowers seeking a second loan will need to demonstrate a 25% drop in gross receipts between comparable quarters in 2019 and 2020. Second loans will also be limited to companies with 300 or fewer workers, and the amounts will be capped at $2 million. First- and second-time applicants can borrow up to 2.5 times their monthly payroll. (Those in the lodging and food service business who are seeking a second loan can borrow 3.5 times their payroll, a concession to the devastation those industries have faced.) The loans – which are made by banks but backed by the federal government – can be forgiven if borrowers spend at least 60% of the money paying workers and use the rest on other allowable expenses. (The New York Times) 

The Fine Print on the Loans – Guidance and other details from the U.S. Small Business Administration. (The SBA)

How to Get a PPP Loan Forgiven – The SBA said it has received 1.3 million forgiveness applications totaling about $170.5 billion. It has made payment on nearly 85% of the applications, forgiving over $100 billion, the SBA said. Here is how to get a PPP loan forgiven. (ROI-NJ) 

As a small business owner, it sometimes can be challenging to create a spending budget for marketing, given other business-related expenses, even in a healthy economy. Still, you will be challenged even more during tough economic times.  The economy has a direct impact on the way a business promotes its products and services to customers. Understanding the link between the economy and marketing can help you to develop a cost-effective strategy for your business to respond to changes in the economic climate.

In this Union County Economic Development Corporation workshop, we’ll review the basic principles of marketing strategy and the application of the “4Ps of marketing”, SWOT analysis, target marketing, making effective advertising choices, including social media, as part of a complete marketing plan to help your small business navigate in a changing economy while spending your marketing funds in a way that optimizes ROI.

• Registration: To register for this webinar, click here.
• When: January 6, 2021 @ 6:30pm – 8pm.
• Where: Live Webinar, In Partnership with SCORE/Northeast New Jersey.

The Union County Economic Development Corporation, in partnership with the Downtown Cranford Business & Economic Development is presenting a free introductory workshop that addresses the basics of harnessing the power of digital, within the context of your organization’s marketing strategy. Digital marketing is an important part of your promotional mix, and social media platforms are valuable tools to use in your marketing communications strategy. In this workshop, we’ll cover:

• Using your website to build a foundation for communicating content
• Integrating digital marketing into your overall promotions
• Search Engine Optimization
• Key aspects of popular social media platforms

You will gain a fundamental understanding of the core principles of digital marketing, and learn to balance digital techniques with traditional methods, for greater effectiveness.

• When – December 8, 2020 6pm – 7:30pm
• Where – Online.
• Register – Click here. Once you register, a webinar link will be emailed to you prior to the event with instructions.
• Cost – Free.
• Registration Deadline – 12/8/20 5:30pm (EST)
• More Information – Click here.

How has your business been impacted by COVID-19? What do you need for a safe and productive recovery? Fill out this online survey to share your story and help guide the State’s recovery plan.

“As your businesses and organizations continue planning to ensure the safety of your employees, customers and clients, and visitors, we would like to know more about how the pandemic has impacted you and the challenges you may face in the future. Please help by responding to this short, 10 to 15-minute survey. While the overall summary results from this survey will be made public, we will endeavor to keep your individual responses confidential. With your help, we are confident that the State can help businesses and non-profit organizations safely and equitably recover from this crisis.” – Governor Phil D. Murphy

Click here to fill out the State of New Jersey’s online survey for small business owners.

Hosted by the Union County Economic Development Corporation, this introductory webinar addresses the basics of harnessing the power of digital to make it work with your business’s marketing strategy. You’ll leave with a fundamental understanding of the core principles of digital marketing and the know-how to balance digital techniques with traditional methods for greater effectiveness.

Digital marketing is an important part of your promotional mix, and social media platforms are valuable tools to use in your marketing communications strategy.  In this workshop, they’ll cover:

• Using your website to build a foundation for communicating content
• Integrating digital marketing into your overall promotions
• Search Engine Optimization
• Key aspects of popular social media platforms

Event Dates/Times & Registration PLEASE NOTE: Once you have registered, a link to the webinar will be emailed to you prior to the event with instructions.

• November 17, 2020 – 10am – 11:30am – More information and Registration
• December 8, 2020 – 6pm – 7:30pm – More information and registration

Free Live Webinar, Sponsored by UCEDC

Price it high? Low? Hold sales? Offer Coupons? Make it up on volume? One of the most challenging decisions you’ll face as a business owner is how much to charge for your product or service. Understanding which price points motivate or dissuade consumers from purchasing is key to setting the right price. This interactive workshop will help you focus in on your specific cost structure to reveal the pricing strategy that’s right for you.

Click here to register for this free live webinar, sponsored by the Union County Economic Development Corporation

The workshop includes an interactive activity that helps participants to determine their business’s cost structure and how it relates to their current pricing.

Common issues facing entrepreneurs that this workshop will address:

How to make sure the price for your product or service is optimized for both you and the customer. How to take competition into account when making pricing decisions.

Activities and/or materials included in this workshop:

• Presentation on best practices and process for pricing
• Open Q&A with presenter

Benefits and/or outcomes of taking this workshop:

You will leave with an understanding of how cost structure affects pricing, how to link marketing efforts to your pricing, and how to use your pricing model as a tool for growth.

PLEASE NOTE: Once you have registered, a link to the webinar will be emailed to you prior to the event with instructions.

NJ companies are hiring now!

If you are looking for job assistance or want to start a new career, Communities in Cooperation cordially invites you to call in to this free event! Join us and receive a $25 ShopRite gift card! This event is for Linden and Roselle residents only. Click here to download the informational flyer for this event.

Registration

RSVP is required for this event, so make sure to register by clicking here and filling out the online form.

When

October 13, 2020 @ 4:30pm

Where

Dial in at 701-802-5160 and use access code 393655

The New Jersey Economic Development Authority announced Tuesday that it will be able to expand its Small Business Emergency Assistance Loan Program by $10 million, thanks to a grant received from the U.S. Economic Development Administration’s CARES Act appropriation. The money will allow the New Jersey EDA to create Phase 2 of its loan program, and will offer up to $100,000 in low-cost financing to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19.