Knowledge and Insights

NJEDA Announces $10 Million Second Phase of the Small Business Emergency Assistance Loan Program

On Wednesday, January 27th, The New Jersey Economic Development Authority (NJEDA) announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. EST on Wednesday, February 10, 2021. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic and will be capitalized by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation.

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NJ Restaurant & Hospitality Association, DoorDash to Partner on $500K Grant Program for N.J. Restaurants

DoorDash announced it is donating $500,000 to the NJRHA to award grants to restaurants to help them offset costs amidst cold weather and ongoing COVID-related challenges. Restaurants can use the funding to pay rent, purchase cold-weather equipment, personal protective equipment and other items.

The grant application will be available on the NJRHA website, www.njrha.org, by Feb. 1. The grants will be awarded to independent restaurants that have five or fewer locations and can show a loss of at least 30% from 2019. The criteria are outlined on the application on the NJRHA website. Applicants do not have to be a DoorDash customer or NJRHA member.

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PA- Senate Panel Approves Stefano Amendment to Provide Financial Assistance for Restaurants, Schools and Rental Assistance

On Tuesday, January 26th, Senator Pat Stefano offered a proposal to establish a $145 million Hospitality Industry Recovery Program to assist restaurants and taverns that have been devastated by COVID-19 and the governor’s closings and restrictions.

Senate Bill 109 also amends the state Fiscal Code to allocate $569.8 million for Rental and Utility Assistance and $197 million for education programs. The amendment was approved by the Senate Appropriations Committee and the measure now moves to the full Senate for consideration.

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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.