On June 9, 2020, the NJEDA began accepting applications for Phase 2 of the Emergency Assistance Grants.  The grants are available for businesses with 25 or less employees.  The NJEA has $45 million dollars available to distribute, as part of the federal CARES Act.

The grant will be in the amount of $1,000 per full-time employee, with a maximum amount of $10,000 per entity.  The NJEDA will be relying on form NJ WR-30, that employers file quarterly to report the number of employees and their base weeks worked.

The applications will be processed on a first come, first served basis, by NJEDA employees.  The grants are only be available to businesses that have a physical location in New Jersey, which also includes home based businesses.

A link to the NJEDA Small Business Emergency Assistance Grant Application can be found at https://forms.business.nj.gov/grant-2/

In addition to the programs mentioned above, there are other tax incentives that have been enacted as part of the CARES Act.

At BKC, our experienced professionals are available to help businesses navigate through the available options and compliance reporting.  For more information, please contact us at (908) 782-7900 or info@bkc-cpa.com.

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