Knowledge and Insights
The New Jersey Economic Development Authority (NJEDA) announced Phase 3 of the Authority’s Small Business Emergency Assistance Grant Program yesterday, October 14th. Phase 3 will be funded with $70 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. This allows for a considerable expansion of eligibility for the program and increases the amount of funding businesses can receive. Phase 3 sets aside funding for restaurants, micro-businesses and businesses based in Opportunity Zone-eligible census tracts to guarantee the relief money is going to the businesses that have been struggling the most throughout the pandemic.
Interested business owners need to pre-register to receive an application. Pre-registration begins on Monday, October 19th and closes on Tuesday, October 27th. Applications will become available on a rolling basis after the pre-registration period is over. Pre-registered applicants need to complete an application based on the following schedule:
• Restaurants – 9:00 a.m. on Thursday, October 29, 2020
• Micro-businesses – 9:00 a.m. on Friday, October 30, 2020
• All other businesses – 9:00 a.m. on Monday, November 2, 2020
Applicants must complete the full application to be considered for grant funding. Applications for each category will be open for a period of one week and will be accepted on a first-come, first-served basis.
For more information or to view the full press release, click here.