Assemblyman Anthony Impreveduto (D-Secaucus) has urged small business owners from Hudson County to apply for federal Economic Injury Loans if they were affected by the World Trade Center disaster on Sept. 11.
"These loans were designed to fully compensate eligible business operations during the post-disaster recovery," said Impreveduto. "They will help to stabilize the business community as the country economically rebuilds from this crisis."
Currently, Hudson, Bergen, Union and Middlesex counties are eligible for the federal economic Injury Disaster Loans. To qualify for assistance, a county must have at least five businesses that have experienced at least a 40 percent gross revenue loss as a direct result of the Sept. 11 attacks.
The disaster loans are available to small businesses that have used all reasonably available funds and are unable to obtain credit to pay for ordinary and necessary operating expenses. Small businesses must have been in operation before the disaster to qualify for the loan.
The federal Economic Injury Loans are available from the U.S. Small Business administration by calling the toll-free hotline – (800) 659-2955 – and Web page – www.newjerseycommerce.org/njhelps. An e-mail address also is available for small businesses seeking assistance – njhelps@commerce.state.nj.us.
"The businesses that are most affected by the attacks – such as airlines or travel-related industries – should take advantage of these disaster loans immediately," said Impreveduto. "Small businesses are a vital part of the business community, and they need to know what programs are available to assist them in this crisis."
Business in other countries impacted by the disaster should contact the toll-free New Jersey Emergency business Assistance Hotline at (800) 643-6090.
Tax deductions for donations
In related news, Assemblywoman Joan Quigley and Assemblyman Anthony Impreveduto introduced legislation recently to provide a state income tax deduction for charitable contributions residents made for Sept. 11 relief.
The legislation mirrors what the federal government allows for charitable contributions. If enacted, residents could take an identical type of deduction from their gross income taxes.