Small businesses and non-profits that missed previous deadlines to apply have another chance
The New Jersey Economic Development Authority (NJEDA) announced that it reopened pre-registration for Phase 4 of its Small Business Emergency Assistance Grant Program this morning, at 9:00 a.m. In line with his commitment to a stronger and fairer economic recovery, Governor Phil Murphy recently announced the allocation of $200 million in additional funds to help fulfill Phase 4 grant applications. Small business owners and non-profits that have not previously applied for Phase 4 grants may pre-register as a preliminary step toward applying for grants of up to $20,000.
The $200 million in additional funds will continue to support the most adversely affected businesses in New Jersey, including $20 million for bars and restaurants, $120 million for micro-businesses, $10 million for child care providers, as well as $50 million for other small businesses and non-profits with up to 50 full-time equivalent employees. Since the initial launch of the Small Business Emergency Assistance Grant Program back in April of 2020, the NJEDA has distributed more than $259 million in aid to some 55,000 businesses across the state.
“We’ve seen tens-of-thousands of small business owners in New Jersey benefit from this Grant Program offered by the NJEDA since it was initially launched in April of last year, so we’re very grateful to receive this additional funding that will help us fulfill many more requests for financial assistance,” said NJEDA Chief Executive Officer Tim Sullivan. “Reopening Phase 4 will allow eligible small businesses and non-profits in New Jersey apply for grants of up to $20,000 aimed to help them replace lost revenue during the pandemic and keep their doors open for business.”
Phase 4 funding is supporting restaurants, micro-businesses, and child care providers, as well as other small businesses. To ensure grants reach businesses in the hardest hit communities, including communities of color, the NJEDA has assigned one-third of funding to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.
Interested business owners and non-profits will need to pre-register here to access the application. Pre-registration reopened today, Wednesday, May 26th, 2021, at 9:00 a.m. EDT, and will remain open for five weeks, until Wednesday, June 30th, at 5:00 p.m. EDT. Applications will become available following the pre-registration period, as pre-registered applicants will be asked to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule:
- Restaurants (Food Services and Drinking Places, NAICS begins with 722), Child Care Providers (NAICS code 624410) and Small Business (6 more Full Time Equivalent Employees): July 7, 2021, 9:00 a.m. EDT.
- Micro Business (5 or Less Full Time Equivalent Employees): July 8, 2021, 9:00 a.m. EDT.
Applications will remain open through July 15, 2021, 5:00 pm EDT and will be accepted on a first-come, first-served basis, based upon the date and time the Authority receives a completed application submission. Applicants must complete the full application to be considered for grant funding.
Grant awards will be calculated based on the number of full-time equivalent employees (FTEs) businesses employ: Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $10,000; businesses with six to 25 FTEs will receive up to $15,000; and businesses with 26 to 50 FTEs will receive up to $20,000. A grant size estimator is available here.
Small businesses and non-profits will need to show they have been negatively impacted during the declared state of emergency to be eligible for this grant. This includes businesses that have been temporarily shut down, have been required to reduce hours, have had at least a 20 percent drop in revenue, have been materially impacted by employees who cannot work due to the outbreak, or have a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.
The NJEDA continues to work with the Legislative leadership in Trenton to assess the enduring need for financial assistance and pursue additional funding to fulfill all eligible applications during the Phase 4 deadline extension.
Furthermore, the NJEDA will continue to provide the online pre-registration and application in English and Spanish, offering applicants access to interpretation services to support speakers of ten additional languages –Arabic, Chinese (Mandarin and Cantonese), Gujarati, Hindi, Italian, Korean, Polish, Portuguese, and Tagalog.
In addition to the Small Business Emergency Assistance Grant Program, the NJEDA administers a variety of technical assistance and low-cost financing programs for small and mid-sized businesses impacted by COVID-19. Businesses and nonprofits can use the Eligibility Wizard to identify which emergency assistance programs they may want to consider for their business’s specific needs. More information about these programs and other State support is available at https://business.nj.gov/covid or call 844-965-1125.