NJEDA Announces Initiatives to Aid Small and Medium Sized Businesses in the Wake of the Coronavirus
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. The program benefits apply to small businesses with physical locations in New Jersey in the food service (including restaurants and diners), retail and entertainment sectors.
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 organizations that have been operating for at least one year with less than $5 million in annual revenue. The program is open to all New Jersey small businesses except those in exempted categories such as gambling, lewd material, activities constituting a nuisance and illegal businesses. Applications for funding are targeted to open the week of March 30th. Applications will be completed on a first come, first served rolling basis.
If you are a business owner interested in learning about coronavirus-related financial assistance, contact Edward T. Kole.
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