The New Jersey Economic Development Authority has replenished funding for the Small Business Emergency Assistance Grant Program. Phase Two of the Grant Program now has $50 million in additional funds for grants for small businesses.
Applications go live June 9, 2020 at 9:00 a.m. APPLY EARLY.
Phase Two is open to a broader range of small businesses and has increased the maximum amount:
- $10,000 maximum grant
- Businesses that hire up to 25 full-time employees or full-time equivalents
- Home-based businesses qualify for grants in Phase Two
- NAICS codes other than restaurant/retail/service industry will now qualify
- Sole practitioners and independent contractors qualify
Phase Two has a broader reach than Phase One, which capped grants at $5,000 for business with up to 10 full-time employees, disqualified home-based businesses and many NAICS codes. The NJ-EDA hopes to help more businesses with the additional funding.
If you applied for a grant during Phase One but either did not qualify (because of your NAICS code, for example) or would now qualify for more grant money (because of the previous $5,000 cap), submit another application.
https://www.njeda.com/pdfs/NJEDA_COVID-19_Economic-Response-Package-Second-Ro
The $50 million will be allocated as follows:
- $5 million will fund waitlisted applications from Phase One that went live in April
- $45 million will fund additional applications, of which $15 million is allocated for businesses in Opportunity Zones
Cooper Levenson is ready to assist small businesses during these difficult times. Please contact Jennifer Barr at (609)572-7410 or jbarr@cooperlevenson.com to schedule a consultation for any business-related issues.
This article is for information only and is not intended to be legal advice.
