On Tuesday, October 13, New Jersey Governor Phil Murphy announced $100 million in relief will be available for businesses hit hard by the COVID-19 pandemic. This aid is allocated from the state’s $2.3 billion CARES Act funding.
The largest chunk – $70 million – will go to Phase 3 of the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Grant Program which includes $35 million for the food service industry (i.e., restaurants, bars, etc.), along with $15 million for micro-businesses with up to five employees.
Interested business owners will need to pre-register to receive an application. Pre-registration will begin on Monday, October 19th and will close on Tuesday, October 27th. Pre-registered applicants will be required to return a completed application as follows:
- Restaurants: 9AM on Thursday, October 29, 2020
- Micro-businesses: 9AM on Friday, October 30, 2020
- All other businesses: 9AM on Monday, November 2, 2020
Click here for more information on the Phase 3, Small Business Emergency Assistance Grant Program.
In addition to the NJEDA Grant Program referenced above, the remaining funds have been earmarked for a variety of COVID-19 related causes. $10 million of the funding will go toward an NJEDA program to subsidize the cost of businesses to purchase personal protective equipment, $15 million will go toward the New Jersey Redevelopment Authority’s business rent relief program, and $5 million will go toward food banks, soup kitchens and hunger relief programs.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email covid19@saxllp.com with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.