Nov 12 Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses
On Tuesday, October 13, New Jersey Governor Phil Murphy made $100 million in relief available from the state’s $2.3 billion in CARES Act funding for businesses hit hard by the COVID-19 pandemic. $70 million went to Phase 3 of the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Grant Program which included $35 million for the food service industry (i.e., restaurants, bars, etc.), along with $15 million for micro-businesses with up to five employees.
Due to its immense popularity, on Wednesday, November 11, Governor Murphy announced a commitment of at least $60 million in additional funding for grants made under Phase 3 of this program. While the application period has closed, the supplemental funding allows for the funding of approximately 13,000 grants that would have otherwise been declined due to the fact that the program was oversubscribed.
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.