April 8, 2020
Dear Chatham Borough Business Owner:
First and foremost, I hope you, your families, and your employees are all safe during this coronavirus pandemic.
I recognize that the exacting but necessary measures taken by the state of New Jersey to bring this virus under control have been challenging for many of Chatham’s businesses. I’d like to inform you that the Borough’s Economic Development Advisory Committee (“EDAC”) has been exploring ways it can help.
As an initial step, the EDAC wants to make sure you are aware of the Federal Government’s Paycheck Protection Program (“PPP”). It encourages you to take advantage of this avenue of assistance if you are eligible to do so. The program, offered under the aegis of the Small Business Administration (“SBA”), is designed to provide a direct incentive for small businesses to keep their workers on their payrolls during this crisis. While this is categorized as a loan program,
the SBA will forgive any loan where the borrower’s employees are kept on its payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities costs.
The application is just two pages long, with supporting documentation required, and can be filed through most of our local banks. For some businesses, doing so could mean the difference between survival and succumbing to financial distress.
Both the committee and I encourage you to reach out to any of the participating banks in the area to apply for assistance under this program. Because each bank may have its own application process, you are advised to begin with the one you currently use for business purposes. The local institutions participating in this program include the following: Bank of America; JPMorgan/Chase; Lakeland Bank; M&T Bank (Hudson City); Peapack-Gladstone Bank; PNC; Provident Bank; TD Bank; Valley National Bank; Wells Fargo; and Fulton Bank.
Below you will find FAQ pertaining to the program, and a checklist of the information you will need to submit along with your application.
Additional information may be found at the following:
I hope you find this information helpful. Should you choose to file an application, I urge you to do so as quickly as possible. And if you have any thoughts on other ways the Borough can help our local businesses, please email me at the address below with the subject line “business support”.
Lastly, I wish you the very best during this difficult period. Chatham’s businesses are an essential part of this community. Please know that each and every one of us here is pulling for you to make it through this challenging time.
