The Suburban Essex Chamber of Commerce Foundation and Its Mission:

“We are a volunteer association of businesses and professional people, working together for the sole purpose of providing scholarships to graduating high school seniors in the Townships of Bloomfield and Belleville, and the Borough of Glen Ridge, NJ.”

Thank you for your sponsorship donation for the 2021 Foundation Scholarship Program!

https://www.booker.senate.gov/news/press/menendez-booker-release-more-details-on-how-american-rescue-plan-will-help-nj

LIST OF SPECIFIC PROGRAMS IMPACTING BUSINESSES
• $25 billion targeted assistance for hard-hit restaurants, bars and eateries based on the RESTAURANT Act
• $7.25 billion for the Paycheck Protection Program (PPP) and second-draw PPP loans
• $15 billion for Economic Injury Disaster Loan (EIDL) advance grants
• $10 billion for the State Small Business Credit Initiative
• $1.25 billion in grants for shuttered concert and stage venues
• Extends the Employee Retention Tax Credit (ERTC) through the end of 2021 to provide a maximum $14,000 payroll tax credit per employee to help keep employees on payroll at struggling businesses
• Emergency pandemic UI programs due to lapse Mar. 14 will be extended to Sept. 6, not Aug. 29, as in the House version of the bill
• Extends $300 federal weekly enhanced benefit through Sept. 6
• Makes first $10,200 of UI tax-free income for individuals earning up to $150,000
• Freelancers, gig workers and independent contractors eligible

OVERVIEW ON BUSINESS IMPACTS BY CNN

The $1.9 trillion American Rescue Plan Act that President Joe Biden signed into law contains a number of provisions intended to help small businesses, especially restaurants.

It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. The loans will only be forgiven, however, if at least 60% of the money is used to support payroll expenses and the remainder goes to mortgage interest, rent, utilities, personal protective equipment or certain other business expenses.
The additional money is intended to expand eligibility for the loans to include more nonprofit organizations than were eligible before, as well as digital news services providing local news and public health guidance during the pandemic.

Despite the added funds, however, the legislation doesn't actually extend the program, which is currently set to expire on March 31.

That's an issue because there is already a backlog of applications still pending approval by the Small Business Administration. And, under current rules, any loan that hasn't been approved by March 31 will not be funded.

That means banks must decide how much longer they want to accept new applications, since it now takes 24 to 48 hours for a bank to hear back from the SBA on whether a submitted loan application has been approved.

In cases where applications haven't been approved, the SBA may request more information, or flag a business owner as ineligible. Clearing up those issues can take days or weeks longer.

Bank of America, for instance, stopped accepting new applications on Tuesday. "As the largest lender in the program since it began, we have 30,000 applications in process and want to allow enough time to complete the work and get each client's application through the SBA process by March 31," a bank spokesman said.

Banking associations, the American Institute of CPAs and others have been calling on Congress to extend the program beyond March 31, or to at least allow the SBA to continue processing loan approvals for applications submitted before March 31.

As of March 7, the SBA has made 7.6 million PPP loans totaling $678.4 billion since Congress created the program last spring, according to data from the federal agency.

More money for restaurants, venue operators and minority-owned businesses. Other provisions in the American Rescue Plan intended to help small businesses include: Money to help states assist their small business economies: Through the State Small Business Credit Initiative, the legislation allocates $10 billion for state governments to help leverage private capital and make low-interest loans and other investments to help their small business economies recover.

More money for underserved businesses: The legislation earmarks $15 billion to the Economic Injury Disaster Loan grants program to be given to small businesses in underserved areas, especially those that are minority-owned.

Special relief for restaurants: The American Rescue Plan includes nearly $29 billion to create a grant program that provides direct relief to restaurants.

More money for operators of closed venues: Another $15 billion will be added to the Shuttered Venue Operators Grants program, created by the previous economic aid package. The grants are intended to help those who run museum, theater, concert and other venues that had to shut down due to Covid restrictions. The bill also allows such operators to apply for PPP loans in addition to these grants.
Additional funding for the Small Business Administration: To help the SBA administer all the new programs that have fallen under its purview as a result of the pandemic, the bill allocates another $1.325 billion to its budget.

IMPORTANT LINKS TO SUMMARIES
https://www.sba.gov/article/2021/mar/11/american-rescue-plan-act-elevates-small-business-support-response-covid-19-pandemic

THE SUBURBAN ESSEX CHAMBER OF COMMERCE WELCOMES OUR NEWEST FEBRUARY MEMBER!
Newmark Associates, James Davenport, Commercial Real Estate Agent

FEBRUARY MEMBERSHIP RENEWALS
• Bloomfield Board of Education
• Bloomfield Collision
• Clara Maass Medical Center | RWJ Barnabas Health
• Halpin-Bitecola Brookdale Funeral & Cremation Service
• Lois Tirrell
• Worrall Media

WE APPRECIATE AND THANK YOU FOR YOUR GENEROSITY AND CONTINUOUS SUPPORT DURING THESE TRYING TIMES!

Please PATRONIZE our local member businesses. For a complete list of our members visit website at www.suburbanessexchamber.com. Thank you!

The NJ Business Action Center has just produced a handy check list for all individuals thinking about starting a business. It is the "New Business Checklist" which can be accessed and downloaded at this link nj-new-business-checklist.pdf.

The checklist walks a person through all the stages of starting a business with the necessary links. It also connects the person to the NJBAC for any additional questions.

Melanie L Willoughby
Executive Director
NJ Business Action Center
33 West State Street
Trenton, NJ 08068
609-462-6917 cell
melanie.willoughby@sos.nj.gov
https://www.nj.gov/state/bac

CONGRATULATIONS AND WELCOME TO THE CHAMBER!
• Ruth Kliwinski, Realtor, Sales Associate, Signature Realty NJ located in Bloomfield
• James Davenport, Commercial Real Estate Agent, Newmark Associates located in Cedar Knolls

The Suburban Essex Chamber of Commerce Foundation is proudly awarding scholarships again this year. The recipients must be a graduating high school senior (private or public) and reside in the towns that we support; Bloomfield, Belleville and Glen Ridge. Application below as well as can be found at the high school guidance office or you can contact Cecelia Polizzi or Donna Pietroiacovo at 973-748-2000 for a copy.

Scholarship Criteria: Financial need, fall attendance at a college, university, or vocational school, intention to pursue a career that is business oriented and extra-curricular/community activities.

GOOD LUCK!
SCHOLARSHIP-APPLICATION

2021 EXECUTIVE BOARD AND TRUSTEES

EXECUTIVE BOARD (7) – 2 yr. Term
Josephine O’Brien, Paladina Health, President (2021)
Gerry Generazio, Generazio Associates, Inc., Marketing Director (2022)
Lois Tirrell, Patron, VP Membership Chair (2022)
Neil Greenstein, Brookdale ShopRite, VP Membership (2022)
Cecelia Polizzi, Belleville Motor Lodge, VP Programs (2022)
Dennis E. Gaglione, Esq., Gaccione, Pomaco PC, VP Legal Affairs (2021)
Joseph Berardinelli, Nardi & Associates, LLC, Treasurer (2022)

PAST PRESIDENTS
Joseph Sandora, Bloomfield Carpet and Tile Inc.
Jolie Ruffalo, A T.E.A.M. Approach Chiropractic & Physical Therapy Center
Robert Hilowitz, Patron

TRUSTEES (16) – 3 yr. Term
Nelson Barrera, NY Life Insurance, NJ Office, 2022
Melanie Bitecola, Halpin-Bitecola Brookdale Funeral & Cremation Service,2023
Michael Bush, Agent, State Farm Insurance, 2022
Reineen Dohman, Job Haines Home, 2021
Mario Drozdz, Patrician Associates Realtors, 2021
Dr. Sean Flynn, Step By Step Pediatrics, 2021
Dee Frias, Provident Bank, (Belleville), 2023
Susanne Kaltsas, Professional Counseling & Life Coaching, 2023
Cathy Loreto, Bloomfield Lions Club, 2023
Janet McCarthy, McCarthy Appraisal Services, 2023
Maurice McLaughlin, Esq., McLaughlin & Nardi, LLC, 2021
Mary Murdoch, J.T. Murdoch Shoes, 2022
Diane Smith, Agent, State Farm Insurance, 2022
Anthony Torres, Anthony S. Torres Photography, 2022
David Worrall, Worrall Media, 2021
Michael Zippo, Zippo’s Mobile Electronics, 2021

All terms extended by one year due to COVID-19.

Thank you for your generous support!
Please patronize our local chamber member businesses!

December Membership Renewals
• Brookdale Dental Associates, V.P. & A.G. DeVincentis, DMD, Bloomfield
• Brookdale ShopRite, Bloomfield
• Great Cents Bookkeeping, Bloomfield
• Kitchen Tune-Up, Bloomfield
• Schumacher Chevrolet, Inc., Little Falls
• State Farm Insurance, Michael Bush, Agent

Congratulations and Welcome to our newest members!
• Farmers Insurance Doeman Agency, Gihane Doeman, Agency Owner, Bloomfield
• Modestly Cover Diaper Bank of Essex Co., Janien Reeves, Exec. Dir., Newark