PLEASE NOTE - CBAC is NOT ELIGIBLE to participate in the SBA Paycheck Protection Program (PPP).
We are an SBA Lender, but we are not able to offer PPP Loans. Any PPP applications sent to us will be deleted or shredded in order to protect your privacy! Please contact your current bank to see if they will be participating and how to apply: or check out the frequently updated list of participating SBA lenders near you by visiting www.sba.gov or your state's SBA District Office Website.
CBAC is a non-bank, non-profit, "mission-based" lender that provides loans ranging from $1,000 to $250,000 directly and in partnership with other lenders in our target market area, which includes the Counties of Atlantic, Burlington, Cape May, Camden, Cumberland, Gloucester, and Salem in New Jersey, and in Philadelphia, Pennsylvania. We also provide training and technical assistance in support of our loans to help small businesses start, grow, and succeed. Even though we are not participating in the PPP loan option, listed below are other forms of assistance that CBAC, the SBA and participating lenders, and other State and local agencies that are available and coming soon.
All of us at Cooperative Business Assistance Corporation (CBAC) want you to know we are thinking about you, your families, and employees. We value the health and safety of all our loan clients, small businesses seeking our assistance, partners, stakeholders, and our staff. Please keep reading to learn how we will continue to be available and responsive to your small business needs during the COVID-19 Coronavirus outbreak, and the social distancing rules and guidelines that have been issued and revised.
The original restrictions and directives put in place about "social distancing," what is considered an essential business, and other information have changed several times. New Jersey and Pennsylvania have also updated their directives several times regarding what businesses can continue to operate and how. The latest projections on how long the restrictions will last range from April 30th to "indefinitely."
Business owners are rightfully concerned about what this means for your businesses, employees, and customers. Some of you have already been forced to make difficult choices. Others are overwhelmed with the unexpected demand for your goods and services. You are not alone.
We know the economic and workplace issues we are all facing can be overwhelming, however, the health and well-being of our customers, your families and employees, and our staff is most important to us. We will continue to take the following steps to ensure we meet your needs, while also ensuring your health and safety as well as that of our team members:
What if I have an appointment with a CBAC team member?
CBAC has extended the cancellation of all in-person visits through Monday, April 30, 2020. This date is subject to change as information becomes available, so please check back for updates. Until then, we can still meet with you virtually! Please contact the person with whom you had a scheduled appointment or call us at 856-966-8181.
What if I need assistance with my existing loan or application?
Your business and needs are unique. Our team members will continue to assist and work with our customers and partners to customize solutions by phone, email, text, etc.
Can I still apply for a new loan?
We are still accepting new loan applications. If you are interested in a loan and have not yet begun the application process, our team members are available to meet with you virtually (by phone, etc.) to discuss your business needs. You can download the application materials from our "Need A Loan?" tab and submit them by email or regular mail.
I'm concerned about how I will make ends meet if my business is affected. Is there financial assistance available for small businesses?
The SBA is offering several financial assistance programs that are already available or will be available starting Friday, April 3, 2020. Below the federal options, we have also listed and will continue to update information on State & Local grant and loan assistance programs as that information becomes available.
With the passage of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, the SBA's Economic Injury Disaster Loan (EIDL) Program and Emergency Economic Injury Grant Program (EEIG) are both already available for small businesses in NJ and PA. You can learn more about that program and others by clicking HERE, or visiting: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19.
SBA's EIDL and EEIG Program - please visit this page to learn more and apply: https://covid19relief.sba.gov/#/
The Paycheck Protection Program (PPP) - CBAC IS NOT OFFERING THIS PROGRAM. Through this program, you can get assistance covering your payroll, benefits, and other eligible expenses. Up to two months of your payroll costs can convert to a forgivable loan as long as you keep your employees on your payroll or bring back those you've laid off. There are restrictions and eligibility requirements. You can learn more about the program and how to apply through participating lenders starting April 3rd for small businesses and April 10th for independent contractors by visiting:
The Small Business Debt Relief (SBDR) Program - Through this program, SBA loan customers will have up to six months of loan payments covered by the federal government. Existing loan customers will automatically receive assistance through this program. Businesses interested in applying for this program can do so directly with a participating SBA lender. Please visit our "Need A Loan" page for more information on how to apply for a loan up to $50,000 with CBAC: https://www.cbaclenders.com/need-a-loan
State & Local Grant and Loan Programs:
New Jersey Small Business Emergency Grant Assistance Program - NJ opened the application portal on Friday, April 3, 2020, at 9:00 AM. The application site is https://forms.business.nj.gov/grant/, but the program exhausted all of its funding within hours. NJEDA will continue to accept applications until April 10, 2020, at 9:00 AM, but there is no guarantee additional funding will become available. However, NJEDA will be announcing other assistance programs in the coming weeks. You can find that information at https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak
The City of Philadelphia's Small Business Relief Fund - Due to the high volume of requests, the program is only accepting applications for "micro-grants" of up to $5,000 from businesses with annual earnings under $500,000. You can learn more and apply by visiting https://www.phila.gov/programs/philadelphia-covid-19-small-business-relief-fund/
The State of Pennsylvania's COVID-19 Working Capital Access Program - This program is now closed. You can learn more about other assistance by visiting https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/
Disclaimer: Some programs allow you to combine assistance options. However, participation in some programs could possibly limit your eligibility or make you ineligible for assistance through other programs. Some application windows are as short as one week. Please explore all options available to you in your state and county and read directions carefully before proceeding.
Is my business affected by the social distancing rules and regulations?
Business restrictions vary from state to state, and even between counties and municipalities in the same state. Please check with your state, county, and local government offices regarding whether your business is required to shut down, reduce hours, or is considered essential and allowed to remain open.
In NJ, you can visit the NJ Economic Development Authority (NJEDA) and others for updated information about the pandemic tailored for businesses:
In PA, you can visit the following sites for information and links to fact sheets for business owners:
What if I find out one of my employees tested positive for COVID-19?
Per the Centers for Disease Control (CDC), if an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace. Still, you must maintain confidentiality as required by the Americans with Disabilities Act (ADA). Please contact the CDC and your state Department of Labor for additional information.
CBAC will continue to update our information as needed, so please return to our page periodically. In the interim, please continue to use the following CDC recommendations to protect yourself, loved ones, employees, customers, and all with whom you come into contact:
Stay at home if you are sick and avoid close contact with people who are sick.
Wash your hands often, with soap and water for at least 30 seconds, or use hand sanitizer with at least 60% alcohol.
Avoid touching your eyes, nose, and mouth as much as possible.
Cover your mouth and nose with a tissue when you cough or sneeze, if you don't have a tissue cough or sneeze into your upper sleeve, not your hands. Encourage your employees to do the same.
Provide soap and hand sanitizer in multiple locations.
Clean and disinfect frequently touched surfaces daily.
If you are open for business, actively encourage sick employees to stay home. This includes anyone with signs of a fever, cough, other flu symptoms.
If you are open, maintain flexible policies that permit employees to stay home or care for a sick family member.
Perform routine environmental cleaning in your facilities while open and/or before you re-open.
CBAC is implementing these measures to protect all of us and comply with evolving directives issued in NJ and PA, and per CDC guidelines. Since the pandemic response and "Social Distancing restrictions" are rapidly changing, please check back with us for updates and contact us with any questions.
In the meantime, please follow us on social media to keep up with everything else that is going on!