Small Business Emergency Assistance Program Enters Third Phase
Funding for the first phase of the New Jersey Economic Development Authority’s Small Business Emergency Assistance Program was exhausted within a month of the start of the economic shutdown, followed by a second phase, which was also met with an overwhelming number of applicants. On October 14th, the NJEDA announced a third phase, the funding for which became available on October 19th. Business can pre-register on NJEDA.com.
The available amount of funding this time around adds up to $70 million dollars. Eligibility extends to restaurants and micro-businesses, including nonprofits and home-based businesses with 50 or fewer full-time employees. The number of full-time employees will be the basis for calculating grant awards.
For example, businesses with 5 or fewer full-time employees and sole proprietorships will receive $5000. Those with 6-25 full-time employees will receive $10,000, while those with 36-50 full-timers will receive $15,000. Meanwhile, restaurants are eligible for even greater assistance.
If a restaurant is a sole proprietorship, or employs 5 or fewer full-time employees, it will receive $10,000, while those with 6-25 employees will receive $15,000. The highest amount, $20,000, is reserved for establishments with 26-50 full time employees. To guarantee the maximum amount of funding, grant awards will be calculated according to the peak full-time employee account from a businesses’ past six quarters of WR-30 filings.
If a business already received funding under one of the first two phases, it is still eligible. However, award sizes will be based on any needs unfulfilled by the previous grants. All other eligibility requirements remain basically the same.
One-third of the pools of funding will be dedicated to businesses located in New Jersey Opportunity Zone. The outreach is being coordinated by the NJEDA, along with minority-, woman- or veteran-owned marketing agencies such as Tara Dowdell Group, Medina=Citi, Brand Enchanting Media and The Setroc Group, in partnership with Park Circle Technologies. These are firms with established connections to New Jersey’s most diverse communities.
Disbursement of funds is expected to occur as quickly as possible once applications are approved. As businesses brace themselves for the winter months, this level of assistance will be essential to their survival.
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