NJEDA Announces $10 Million Second Phase of the Small Business Emergency Assistance Loan Program
On Wednesday, January 27, the New Jersey Economic Development Authority (NJEDA) announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. on Wednesday, February 10, 2021.
The second phase of the Small Business Emergency Assistant Loan Program will make up to $100,000 in low-cost financing available to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase personal protective equipment (PPE) or COVID-related inventory, furniture, fixtures, or equipment. To promote equity, $3.5 million of the funding will be reserved for businesses in Opportunity Zone-eligible census tracts.
Applicants MUST pre-register in order to apply for the Small Business Emergency Assistance Loan Program. Pre-registration for the Small Business Emergency Assistance Loan Program will open at 9:00 a.m. on February 10, 2021 on the New Jersey COVID Business Information Portal and will remain open until 5:00 p.m. on February 22, 2021.
Only entities that pre-register will then be able to access the program application beginning 9:00 a.m. on February 24, 2021. Program applications will be reviewed on a first-come, first served basis, with priority given to applicants that have received no greater than $10,000 in government assistance from any federal, state or local (county/municipal) assistance program.
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