Resources & Relief for the Restaurant Industry Amidst the COVID-19 Pandemic
/Disaster relief for our affected clients...
We at J.C. Kapas Real Estate are keenly aware of the challenges our clients are currently experiencing due to the COVID-19 (coronavirus) outbreak. We realize it has resulted in great tumult for small business as a result of state closures, curfews, and changes in business hours throughout our state, and you may be unsure of any relief that’s currently available. Kindly allow us to assuage some of your concerns and fears through this update.
· The New Jersey Economic Development Authority (NJEDA) has a portfolio of loan, financing, and technical assistance programs available to support small and medium-sized businesses. More information on existing products and programs can be found on the NJEDA website for small and midsize business and the services for those businesses.
· As you may have heard, the SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). New Jersey was recently added to the list of participating states in the program. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Small business owners in many states are now eligible to apply.
· The SBA also suggests that current loan holders needing relief reach out to the office servicing their loan. Program options such as payment deferment or reduction of interest rate may be available on a case by case basis.
· The Beverage and Food Employee Crisis Support Fund (BFECS) was built in partnership with Allied Beverage Group LLC, the New Jersey Restaurant Educational Foundation, and the New Jersey Restaurant and Hospitality Association to support Front of House and Back of House employees of the beverage and food industry in times of personal crisis or national disaster.The New Jersey Restaurant Educational Foundation is the sole owner of the B.F.E.C.S. The New Jersey Restaurant Educational Foundation is a non-profit 501c3 with a mission to support the workforce of the foodservice industry through workforce development, grants and scholarships, and education. Visit https://www.bfecs.org/ to view eligibility rules and fill out an application.
· The New Jersey Restaurant & Hospitality Association has put together a comprehensive list of industry related guidelines and resources that can be accessed here: https://www.njrha.org/coronavirus.html
The coronavirus epidemic is the greatest crisis our industry has ever faced. JC Kapas Real Estate remains committed to seeing our clients through these difficult times to the best of our ability. We wish you sustained safety and health as we weather the storm together. Please reach out to us if there is anything we can do to further support you.