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NJEDA Approves New Small Business Grant Program
On May 22, the New Jersey Economic Development Authority (NJEDA) held a special Board Meeting to approve the use of an additional $5 million in funding from the CARES Act’s federal Coronavirus Relief Fund to support the original Small Business Emergency Assistance Grant Program, which NJEDA unveiled in April. This funding will be used to address some of the backlog of applications from the program, which was oversubscribed mere hours after the application for the grant opened.
The NJEDA also approved of the creation of Small Business Emergency Assistance Grant Program – Phase 2 with up to $45 million in funding. NJEDA has broadened the eligibility requirements for Phase 2 to include home-based businesses and sole proprietors, as well as small businesses with up to 25 employees.
Details on when the Phase 2 application period will reopen is forthcoming, but the NJEDA is targeting early-June.
You can learn about other NJEDA programs and see what you may qualify for using the NJ COVID-19 Business Support Eligibility Wizard.
To read the EDA press release, click here.
Please reach out to Hilary Chebra, Manager. Government Affairs at hchebra@chambersnj.com if you have any questions.
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