TRENTON, NJ — New Jersey has opened preregistration to distribute another $85 million in coronavirus-related aid to a targeted group of small and medium-sized businesses.
The New Jersey Economic Development Authority’s Small Business Emergency Assistance Grant Program — now in its fourth phase — is offering grants of up to $20,000 to the “most adversely affected” businesses since the state’s first public health emergency was declared on March 9, 2020.
In a breakdown of funding, $35 million will be awarded to restaurants, $25 million to micro-businesses, $10 million to child care providers, and $15 million to small businesses with six to 50 full-time employees. In particular, grants will be targeted to reach businesses in the hardest hit communities, including communities of color, according to NJEDA.
“The $85 million in additional funds committed to Phase 4 of the Small Business Emergency Assistance Grant Program will directly and expeditiously help these businesses stabilize their operations and minimize potential furlough or layoffs,” said NJEDA Chief Executive Tim Sullivan. “Businesses that are still struggling cannot wait for assistance.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act funding is aimed to provide necessary resources to any eligible business that falls into these categories:
- Has 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.
- Has a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.
Click here for more information, including eligibility requirements and how to start the preregistration process to obtain an application. Businesses must preregister online by April 29 to be eligible to apply.
Below is a video on the preregistration process:
Since the launch of the Small Business Emergency Assistance Grant Program in April 2020, the authority has approved nearly 44,000 grant applications representing more than $214 million in total COVID-19 related funding.