May 14 ADDITIONAL RELIEF ANNOUNCED FOR NEW JERSEY SMALL BUSINESSES & INDIVIDUALS

On May 7, 2021, New Jersey Governor Phil Murphy announced an additional $275 million in aid is on its way for small businesses and individuals hit hard by the COVID-19 pandemic.

Small Businesses

$235 million in aid will be allocated to small business relief and will satisfy Phase IV of grant requests made to the New Jersey Economic Development Authority (EDA).  The EDA will begin accepting applications in the near future.

“The Excluded New Jerseyans Fund”

$40 million in aid will be set aside for a new direct cash assistance program aimed at providing relief for individuals who have been excluded from previous rounds of relief.  The “Excluded New Jerseyans Fund” will provide a one-time cash assistance benefit of up to $2,000 to households with incomes up to $55,000 that can demonstrate they have suffered economic hardship due to COVID-19.  The program will begin accepting applications in the coming months.

Sax will continue to update you as further details are made available.  Reach out to your Sax advisor or email [email protected] with questions.  For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.