Commercial tenants will soon be able to apply for a $10,000 grant through the New Jersey Redevelopment Authority’s Small Business Lease – Emergency Assistance Grant Program.
On Monday August 10, 2020 at 9:00 a.m., commercial tenants in 64 designated municipalities may apply for up to $10,000 to help pay rent pursuant to a commercial lease agreement.
Atlantic City and Pleasantville are two designated communities, along with Bridgeton, Millville, Camden, Asbury Park, and others. A complete list of the eligible municipalities is available here: https://www.njra.us/media/SBLEAGP/The%2064%20Eligible%20Municipalities.pdf
To qualify, businesses must have no more than 5,000 square feet of space located in a designated municipality, and must have been impacted by COVID-19. The program is available to:
- Tenants leasing commercial space in mixed-use buildings
- Tenants leasing space in commercial buildings
- Store front businesses that lease their space
To apply, commercial tenants must fill out the online application and provide a copy of an executed lease. The tenant must also confirm the closure date of operations from COVID-19. The commercial tenant must certify that no New Jersey taxes are owed. The tenant must have been in good standing with lease obligations prior to March 1, 2020.
Unlike other grant programs, this grant is not based on the number of employees.
Non-profits are eligible for this grant if they are a 501(c)(3), (4), or (7). However, gambling-related business, adult businesses, and certain other businesses are ineligible.
The grant may be used to pay for delinquent lease obligations as of March 1, 2020. If the commercial tenant is current on lease obligations the grant may be used for future lease obligations.
The program has $6 million in funds, which is expected to be disbursed quickly. Applications are processed on a first-come, first served basis.
The program will go live with applications on Monday, August 10. A link to the application is available here:
https://www.njra.us/Small-Business-Lease-Emergency-Assistance-Grant-Program
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.
