On March 26, 2020, the New Jersey Economic Development Authority (NJEDA) approved new programs to support small and medium sized businesses including zero interest loans, grants and other technical support.
The Small Business Emergency Assistance Grant Program provides up to $5,000 to New Jersey-based small businesses that employ between 1-10 full time employees. SMB in the food service, retail and entertainment industries can apply to these program benefits.
The Small Business Emergency Assistance Loan Program provides up to $100,000 in zero interest loans with deferred repayments to New Jersey-based small businesses and non-profit organization. The program is open to ALL NJ small businesses that meet the following qualifications:
- Business must be operating for at least one year
- Business has less than $5 million in annual revenue.
The following businesses will not be considered for this grant: Gambling, lewd material, activities constituting a nuisance and illegal business.
Applications for funding are targeted to open the week of March 30th. Applications will be completed on a first come, first served rolling basis.
What You Need To Know
The loans mentioned above may be FORGIVEN if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. In preparation to file, there are a few questions you may have regarding eligibility, the amount you can borrow and whether or not your loan will be forgiven.
The U.S. Chamber of Commerce has prepared a Small Business Guide & Checklist to address any questions you may have while preparing to file. Click here to view >>