Knowledge and Insights

Funding Alert: NJEDA Announces Phase 4 of the SBEA Grant Program

April 2021

On Wednesday, April 14, 2021, The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Phase 4 will provide short-term operating support to a broad group of New Jersey small and medium sized businesses and non-profits that have been negatively impacted during the declared state of emergency. More information is available here.

Phase 4 funding will be allocated to support the most adversely affected businesses, including restaurants, micro-businesses, and child care providers, as well as other small businesses. Grant awards will be calculated based on the number of full-time equivalent employees (FTEs) businesses employ:

  • Micro-businesses with five or less FTEs & sole proprietorships will receive up to $10,000
  • Businesses with six to 25 FTEs will receive up to $15,000
  • Businesses with 26 to 50 FTEs will receive up to $20,000

The $85,000,000 in funds available through Phase 4 will be allocated as follows:

  • Restaurants: $35 million of funding to support businesses classified as “Food Services and Drinking Places” under NAICS code 722.
  • Child Care Providers: $10 million of funding to support businesses classified as “Child Day Care Services” under NAICS code 624410.
  • Micro-businesses: $25 million of funding to support businesses that have had 5 or fewer FTEs in each of their past eight quarters of WR-30 filings (including businesses with no FTEs).
  • Other small businesses (6-50 FTE): The remaining $15 million of funding will support businesses that are not eligible under the micro-business category.

Interested business owners will need to pre-register here to access the application. Pre-registration will begin on Monday, April 19, 2021 at 9:00 a.m. and will close on April 29, 2021 at 5:00 p.m. The application will be available via a phased approach following the end of the pre-registration period, as detailed below. Applicants must complete the full application to be considered for grant funding. Applications will become available on a rolling basis following the pre-registration period. Pre-registered applicants will need to return to NJEDA’s website to complete an application based on the following schedule:

  • Businesses that did not apply for, or were not approved for Phase 3 funding – 9:00 a.m. on May 3, 2021
  • Restaurants and child care providers – 9:00 a.m. on May 5, 2021
  • Micro businesses (five or fewer FTEs) – 9:00 a.m. on May 10, 2021
  • All other small businesses, excluding restaurants, micro businesses, and child care providers – 9:00 a.m. on May 12, 2021

Applications for each category will be open for a period of one week and will be accepted on a first-come, first-served basis, based upon the date and time the Authority receives a completed application submission.

To view NJEDA’s full press release, click here.