The New Jersey Economic Development Authority (NJEDA) this week announced that applications for the expanded Small Business Emergency Assistance Grant Program will be available at 9:00 a.m. on June 9, 2020
The NJ Economic Development Authority will provide an additional $5 million to fund businesses that were waitlisted during Phase 1. The NJEDA will use $45 million to fund Phase 2, which will provide grants up to $10,000 to a significantly broader range of businesses than were previously eligible.
Eligibility changes for Phase 2 increase the employee cap for businesses from 10 full-time employees (FTEs) to 25 FTEs and remove the NAICS code restrictions that were in place for Phase 1 to allow almost all businesses as well as 501(c)(3), 501 (c)(4), and 501(c)(7) nonprofit organizations to qualify for funding. Phase 2 also makes grants available to home-based businesses and sole proprietorships, which were ineligible during Phase 1. To ensure funding goes to businesses and communities that need it most, $15 million of Phase 2 funding will be set aside to support qualified businesses located in one of the 715 census tracts that were eligible to be selected as a New Jersey Opportunity Zone. Business owners can check if their business is located in an eligible zone using the OZ Mapping Tool.
NJEDA staff will process the applications on a first-come, first-served basis. There will be no application fee.
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