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LEDC

PPP Resumes April 27, 2020

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Frequently Asked Questions for Lenders and Borrowers (04/26/2020)

How to Calculate Loan Amounts

For affiliation rules applicable for the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Apply for the Paycheck Protection Program by finding a lender.

Help for Small Businesses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration will soon release more details including the list of lenders offering loans under the program.

The administration will soon release more details including the list of lenders offering loans under the program, and please visit the SBA’s website for more information.

Linden continues to revitalize with commercial, residential redevelopment

LINDEN — Like most cities pursuing redevelopment, Linden aims to bring more people, particularly millennials, to its downtown.

But the industrial city, whose Tremley Point is one of the most polluted parts of New Jersey, according to Rutgers University environmentalists, also aims to reduce its carbon footprint with two upcoming redevelopment projects.

Mayor Derek Armstead said the New Hampshire-based RNG Energy Solutions renewable natural gas company recently signed a 30-year lease to redevelop the former Clayton Block building materials site on Tremley Point. In addition, Austin-based, environmentally friendly developer FirstEnergy Power will build a plant for Nashville-based Aries Clean Energy, which turns sludge into charcoal, Armstead said. That plant will be built at the sewerage authority building the city shares with Roselle, the mayor said. Both projects are in the initial planning stages and are about a year from construction start, principals said.

“We have a number of developments going on in Linden right now,” Armstead said. “And we’re reducing the carbon footprint. It’s a good time to be mayor in Linden. We have a lot going on.”

Aries’ charcoal can be used for several different products, Armstead said. And RNG takes food waste and makes into natural gas, he added.

“They bring in food waste from other locations and treat it like a slurry,” he said. “They run it through the process, and it creates a natural gas product. On the back end, it produces a peat moss … and they sell that to Home Depot and people who need it for agricultural uses. It’s a composting mechanism, a high-speed compost.

“We pay to have our sludge removed,” the mayor added, “so we can reduce the cost of that by using Aries.”

RNG has a good track record building plants in Long Island, Colorado and France, said Alex Lospinoso, director of the Linden Economic Development Corp. The company’s food waste will be delivered by barge on the Arthur Kill, rather than via truck, thereby reducing the city’s carbon footprint even more, Lospinoso said.

Interest in Tremley Point has been increasing from the renewable energy and logistics industries, he said. More than 4.2 million-square-foot warehouse soon will be built there by Advance Realty and Greek Development, he said.

To read the full article on MyCentralJersey.com, click here.