NEW JERSEY ECONOMIC DEVELOPMENT AGENCY ANNOUNCES NEW FUNDING

On Monday, April 12, 2021, Governor Murphy signed a bill authorizing the New Jersey Economic Development Agency (NJEDA) to issue grants to non-profits and small businesses.  The NJEDA will issue a total of $85 Million under Phase 4 of the Small Business Emergency Assistance Grant Program.  The program is intended to provide short-term assistance to cover immediate payroll and working capital requirements for small and medium businesses and Non-Profits, located in New Jersey.  The $85M will be allocated as follows:

  • $35M in funding to restaurants and food services with an NAICS code 722
  • $10M to Child Care Providers with an NAICS Code of 624410
  • $25M to Micro-Business that have 5 or less full-time equivalent employees, including self-employed individuals that have no employees.
  • $15M to Other Small Businesses that have between 6-50 full-time equivalent employees.

In order to receive funds, interested businesses will have to pre-register, beginning on Monday April 19 at 9:00AM and running until April 29, 2021 at 5:00PM at https://programs.njeda.com/en-US/  The funds will be available to eligible businesses that have been temporarily shut down, has been required to reduce hours, has had at least a 20 percent drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.

Phase 4 once again increases the amount of funding available to businesses. Grant awards will be calculated based on the number of full-time equivalent employees (FTEs) businesses employ. Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $10,000; businesses with six to 25 FTEs will receive up to $15,000; and businesses with 26 to 50 FTEs will receive up to $20,000. A grant size estimator is available at https://forms.business.nj.gov/grant-4/size/

Further information can be obtained by calling 888-965-1125 or at https://business.nj.gov/covid

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