Business Loans & Resources
A new round of PPP has begun. Clients who participated in the first round are eligible for this second round of funding. The SBA has yet to determine the program rules, but at a minimum, the rules makes the SBA PPP available to businesses with 300 or fewer employees, that saw a 25% or greater revenue drop in 2020 compared to 2019, and that have used the full amount of their first-draw PPP loan. To get the process started, click below to complete our brief form.
Start PPP Process
Additional information that may be useful to you is here
The New Jersey Housing and Mortgage Finance Agency has introduced the Small Landlord Emergency Grant Program (SLEG)
. This program will reimburse small residential rental property owners for lost rent revenue due to COVID-19 between April and July 2020, as long as they agree to forgive outstanding back rent and late fees that their tenant accrued during this time.
Applications are due by August 26, 2020. Learn more.
The Payment Protection Program Flexibility Act has been signed into law. Learn more
about how this provides greater flexibility for borrowers.
The past couple of months have not been easy for any of us, especially our small businesses. Amboy Bank was honored to have helped over 850 local businesses obtain Paycheck Protection Program loans for over $100 million. But our commitment to helping does not end there. To help ease the transition to our previous way of life, Amboy Bank has put together a list of our clients that are OPEN for Business
! Please check it out to see which ones you might want to solicit, and submit our form to have your business listed, as well.
We are no longer accepting inquiries for the Paycheck Protection Program. Please see our Coronavirus Lending Options page for more information, including how to apply for Loan Forgiveness.
Did you miss out on the Paycheck Protection Program? Don’t forget about the Employee Retention Credit! See below.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19. More information on loans from the Small Business Administration and the State of New Jersey can be found on our Coronavirus Lending Options page.
Employee Retention Credit
If you've not taken advantage of the Paycheck Protection Program, you may be eligible for the Employee Retention Credit program.
The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.
Eligible Employers for the purposes of the Employee Retention Credit are those that carry on a trade or business during calendar year 2020, including a tax-exempt organization, that either:
- Fully or partially suspends operation during any calendar quarter in 2020 due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to COVID-19; or
- Experiences a significant decline in gross receipts during the calendar quarter.
Note: Governmental employers are not Eligible Employers for the Employee Retention Credit. Also, Self-employed individuals are not eligible for this credit for their self-employment services or earnings. For details on this program go to the full IRS FAQ.