More than 94 Downtown Metuchen businesses have qualified for $6,510,100 of Economic Injury Disaster Loans through the Small Business Administration (SBA). The cap of $150,000 has now been increased to $500,000.

Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.

This new relief builds on SBA’s previous March 12 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.

Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

Source: New Jersey Business Today, March 24, 2021.

The Paycheck Protection Program has brought $4,455,715 to 134 businesses in Downtown Metuchen. This week the US Senate voted to approve the PPP Extension Act of 2021 extends the deadline from March 30 to May 31. Many MDA volunteers and business owners are well versed in the program and happy to help you. Please contact isaac@downtownmetuchen.org and we'll connect you with someone who can help with applying. Source: Journal of Accountancy, March 25, 2021.

While COVID-19 has changed the senior year for students, shining blue lights at homes and in businesses has been encouraged. Choose your own lights and design. Just make them bright and blue. Lights can shine through graduation, June 15, or on the 21st of each month. Let's show our support for the MHS Class of 2021 by lighting the downtown blue!