Knowledge and Insights
On August 11, the New Jersey Economic Development Authority (NJEDA) approved $15.3 million in CARES Act funding through their Small Business Assistance Grant Program. The purpose of adding the additional funding to this program is to provide assistance to businesses located in twelve New Jersey counties that did not receive direct funding from the federal government. These funds are in addition to the $100 million+ the NJEDA has already administered to support businesses effected by COVID-19.
The twelve counties that are eligible to receive funding from this program are: Atlantic, Burlington, Cape May, Cumberland, Gloucester, Hunterdon, Mercer, Morris, Salem, Somerset, Sussex, and Warren.
The remaining nine counties that are not listed above previously received their own separate allocations of CARES Act funding. Essex, Ocean and Passaic counties contributed $10 million each to the NJEDA to allocate to businesses in those three counties through Phase 2 of the Small Business Emergency Assistance Grant Program. Bergen, Camden, Essex, Hudson, Middlesex, Monmouth, Ocean, Passaic, and Union counties are spending the funds on other COVID-19 relief and assistance programs.
Additionally, the board of the NJEDA delegated authority to the NJEDA Chief Executive Officer to direct any other governmental funding or unrestricted gifts or grants that the NJEDA may accept for the Grant Program to be administered as grants to eligible businesses in the 12 counties that did not receive direct allocations of CARES Act funding.
For more information on the NJEDA’s Small Business Assistance Grant Program and related funding, please visit their website at https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-to-Provide-$15-Million-in-New-CARES-Act-Fund.
Mercadien’s COVID-19 Task Force can help you assess which relief option is right for your organization, as well as answer any questions you may have relating to this program. We can also assist you in evaluating your budget and cash flow needs, working as a trusted advisor and sounding board to help your organization manage its way through the upcoming months. Please contact us by filling out our COVID-19 Assistance Request Form here – https://www.mercadien.com/contact-us-with-your-coronavirus-questions/
DISCLAIMER: This advisory resource is for general information purposes only. It does not constitute business or tax advice, and may not be used and relied upon as a substitute for business or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified accountant, tax practitioner or attorney licensed to practice in the jurisdiction where that advice is sought.